Any mortgage adviser able to give me some advise??

ashtraxx

My situation

- first time buyer
- 5k deposit at moment
- earn 30k a year basic and 5k bonus, in 18 months my salary will realisticlly rise to 45k
- clear Credit history apart from 3 late payments on 1 credit card in last 36 months, none within last 12 months (all nominal balances payed a couple of days late due to lazyness)
-no debts of any kind (albeit student loan)


I want to buy a property worth about 200k in a few months time (if possible a bit more) and wanted to know if its going to be possible. It would be a 3 bedroom house so could rent out a room or two if needed.

Im avery prudent person who doesnt splash money around and could easily afford to pay up-to 1k a month as dont drink/smoke etc and very cost consious. Hardly use my car so bills are low and dont need sky etc.

Just want to get a decent house- is it possible or do I have to get a 150k flat and then late on chnage.

MortgageMamma

You will struggle to raise 200k at the moment, as you dont earn enough and your deposit isnt big enough, but wht dont you just hand on 18 months otherwise you will be forking out stamp duty and legal fee's twice in 18 months

ashtraxx

because house price will be going up even further here and im wasting 7800 a year (650 monthly) on rent! whatever I end up getting I will keep fo a good few years.

how much very roughly do you think I could get maximum? would a seperate loan for the deposit help

also im 27 if the age helps

MortgageMamma

4.5-5 x salary incl bonus, minus any annualised credit commitments you may have - if taking on repaymnet you could consider the longest term you feel comfortable with to keep the payments down

but if you are not going to be in the property long before trading up go interest only and bank the difference

MM

herbiesjp

Agree with MM

There are lenders that may be able to look at around £175k but there are many questions that would not be asked/answered for the lender befor ethey would agree such an amount.

They would also want a higher deposit

Possibly looking at a lower priced property as a first step would make sense and allow you to get used to mortgage payments in whatever form you choose (interest only or repayment)

Once you are confident in that respect, and once your circumstances allow, you could then look to move up

I think caution is the word here

HTH