First Time Buyer Mortgage Advice

manhattan

Hi there,
We are looking to find a mortgage to buy a shared ownership property although we would be buying the full 100%.

The property is valued at £110,000 although we will be getting £9000 discount, so the total would be £101,000.

We could put down £35,000 deposit, but would really like to keep £10,000 of that to update the house and £25,000 as a deposit, but are open to any better ideas that you guys would suggest.

We bank with Barclays, so i would think we would have a better chance of a mortgage through them? (Woolwich?)

We are looking at a 25 year repayment mortgage fixed for 5 years.


Would you suggest any other ideas to the above? Any help would be great.

Thanks.

Thrugelmir

A 25% deposit would stand you in good stead with any lender.

This of course subject to the standard checks to ensure that you meet the lenders criteria and have no adverse credit history.