FTB Mortgage Advice

hmmmn_nice

Hi

I'm looking at buying a house but don't know which lender to go with and need some advice.

My salary is low 15000 but with overtime this would be a little over 19000. I spoke with the Co-op who said they can't take the overtime into account but have seen other lenders who do.

I'm looking at a property price of 75000-80000 and have a deposit of 12000. I don't want to risk a mortgage application being declined, I've checked my credit score and it looks fine with no black marks.

Can ayone suggest who would be the the best bet to go with based on my income?, I'm looking at 5 year fixed rate deals at the moment.

ACG

Your £12k, is that your deposit or does that cover everything?

Solicitors you would be looking at £700 plus, valuation would be around £250 upwards moving costs and potentially application fees etc could all eat into your deposit.

What you want is probably possible but its a stretch.

Advisors on here cant tell you who to go to as its regulated industry. If you want specific advice like that you might be best booking an appointment with an advisor.

shonzyd

have you checked the online lender calculators to see how much others would possibly lend?

by the looks of it your looking at 4.5x your income for the mortgage value if your looking at 80k houses, thats without the overtime. im not sure whether lenders would 100% count that or only count a % of it.

im sure someone with expertise will be along to assist soon.

hmmmn_nice

ACG wrote: »

Your £12k, is that your deposit or does that cover everything?

Solicitors you would be looking at £700 plus, valuation would be around £250 upwards moving costs and potentially application fees etc could all eat into your deposit.

What you want is probably possible but its a stretch.

Advisors on here cant tell you who to go to as its regulated industry. If you want specific advice like that you might be best booking an appointment with an advisor.

The deposit would be 12000

ACG

You should be alright, you certainly shouldnt have too much of a problem at the lower end of your scale.

This is all based on you having no major outgoings.

I used to work for co-op mortgages im sure their initial calculation is 4.25x your income. Which gives you £63k ish, add that to your deposit and your at £75k.

But its also based on affordability so you would need to get through that as well.

You could probably do this yourself if you spent an hour or 2 hunting around and playing with calculators. alternatively you could speak to a mortgage advisor and let them do the leg work for you.

hmmmn_nice

ACG wrote: »

You should be alright, you certainly shouldnt have too much of a problem at the lower end of your scale.

This is all based on you having no major outgoings.

I used to work for co-op mortgages im sure their initial calculation is 4.25x your income. Which gives you £63k ish, add that to your deposit and your at £75k.

But its also based on affordability so you would need to get through that as well.

You could probably do this yourself if you spent an hour or 2 hunting around and playing with calculators. alternatively you could speak to a mortgage advisor and let them do the leg work for you.

At the moment I have £1000 on a 0% interest credit card but nothing else. I wasn't sure whether to pay it off and reduce my deposit or apply with the debt. On the online calculator it doesn't seem to have much effect so I was thinking to leave it.

Is there much of a difference between lenders criteria?. Coop seem to have good deals but would other lenders be more flexible

angel1066

I'm also a ftb

l have 20k deposit and earn after stopages 32k a year but as l'm self employed with books l'm finding it hard to find a mortgage, l ideally what to look up to 180k max so that means borrowing 160k but the few that might be able to help have said that the payments would be around 920-975 a month this seems steep to say the least (but l'm in se england where house prices are high) they are puuting me on a fixed rate for 5 yrs at 4.95%

any other se people finding it hard out there????

ACG

Co-op are fairly strict but by no means the strictest. Criteria does vary from lender to lender.

If you stick to the lower end of your scale you have a 15% deposit. You will still have enough to clear the bulk of your credit card - if the lender insists on it.

angel1066

hi there again

is it me or is the house market in the south east exceedingly high????? even the new houses that are being built are in the 220k-250k bracket and this is for a 3 bed terranced place!!!!

what can we do against high prices-down here in east sussex l'm finding it is a sellers market and the estate agents are doing all they can to keep prices high-l even started a facebook page this morning to try and get other peoples opinions on there experiences come and leave a comment (1st time buyers against high house prices) the trouble is l'm a ftb that is self employed and struggling to find anything that isnt a knock down basically

any suggestions ????

claire16c

angel1066 wrote: »

hi there again

is it me or is the house market in the south east exceedingly high????? even the new houses that are being built are in the 220k-250k bracket and this is for a 3 bed terranced place!!!!

what can we do against high prices-down here in east sussex l'm finding it is a sellers market and the estate agents are doing all they can to keep prices high-l even started a facebook page this morning to try and get other peoples opinions on there experiences come and leave a comment (1st time buyers against high house prices) the trouble is l'm a ftb that is self employed and struggling to find anything that isnt a knock down basically

any suggestions ????

Some new builds down the road from me which back onto a railway line are over £300k for a 3 bed terrace. Older houses are around £230k upwards for a 3 bed. Just ridiculous. All you can do is try to save a huge deposit.

angel1066

claire16c wrote: »

Some new builds down the road from me which back onto a railway line are over £300k for a 3 bed terrace. Older houses are around £230k upwards for a 3 bed. Just ridiculous. All you can do is try to save a huge deposit.

tell me about it, l'm looking in the eastbourne area and they are so overpriced for a small 2 bed place, what l have found is that some lenders wont lend on a new build-there reasoning is the builders/developers are over pricing them so they are saying that they could lose money in the 1st 3 yrs

so much for the government trying to help people like us 1st time buyers !!!! what l'm also finding is there isnt a lot houses coming onto the market so its more a sellers market and they are holding out for big money, as l told one agent yesterday-the price you put on the details is just a guide to me, l will only offer what l think its worth lol

good luck all in the same boat as me