What are my options first time buyer

postie-65

Basically i am looking to purchase my own places within next 6 months, so far i have 10k saved up as my deposit, i am only on a 35hr week long term contract as a postman, but i do around 15hrs overtime a week which brings my wage up from £242.73 a week to £386.73. I am self employed as well but dont plan on using this for my morgage. I am after a flat which will cost around 98k, so probably looking for a morgage of around 90k by time i take into account fees etc, Whats my best option for a morgage? I have no debt at all only out goings is £15 a month phone bill and petrol in my car. I am hopin to get a place do up and sell and work my way up the ladder that way. I have heard interest only morgages are a good way to start, what i am basically asking for is what are my options who should i see and am i asking an impossible task? Currently paying £350 rent a month at mo and have done for 5 yrs want to finally take the big step now i have actually managed to save some money. Many thanks for viewing :j

herbiesjp

So it looks like you are on £20k

There are lenders that will base a mortgage, on the amount shown on your P60

So you could well get the 90k mortgage you are looking for, again assuming you meet the lender criteria for the scheme as a whole

postie-65

Thing is though i only been doing 50 hrs a week since xmas so not exactly done a full year so wont show as 20k on my p60 just checking wages for last financial year now (baring in mind didnt do hardly any overtime) and it comes in at just 17k

herbiesjp

That would make it a little bit harder to get agreed

However your new P60 will be out shortly, and so that may be enough to get you the amount you want on a good high street rate

HTH

postie-65

i meant 17k was on my last wage slip for assessable pay for the financial year if that makes sense, also what sort of options would i have with morgages and what sort of repayments. I am 21yrs old so can do a longish term morgage

JoeK_3

postie-65 wrote: »

i meant 17k was on my last wage slip for assessable pay for the financial year if that makes sense, also what sort of options would i have with morgages and what sort of repayments. I am 21yrs old so can do a longish term morgage

Is there a reason that you do NOT want to bring your self employed income into the equation?

That could help
JoeK

postie-65

mainly cause i have just started out and do not have much prove of income from it and also dont want to have to rely on it rather think of it as a bonus income.

JoeK_3

postie-65 wrote: »

mainly cause i have just started out and do not have much prove of income from it and also dont want to have to rely on it rather think of it as a bonus income.

I understand but you may need to income from this to get the mortgage that you are looking for.

JoeK

Mr_helpful

Intelligent finance are great with overtime. They only need 1 payslip and 1 bank statement then they multiply whats on that statement by 12 and apply pretty generous multiples Got to have clean credit though

postie-65

Many thanks for your help i will look into it and see what comes of it hopefully i can sort something