another mortgage advice thread :)

mart321

Hi all, just accepted an offer of 104k on our property and have had an offer of 156k accepted on the property we want. The 104k is all capitol as we own the property outright, so our mortgage will only be 52k . the house needs some work so we plan on getting around a 60k mortgage loan and are leaning towards a 5 year fix. The mortgage will be only in my name and I will be paying it as my partner owns our current home so is providing the capitol. I currently earn around 37k a year. I know the minimum when it comes to mortgages but as ourswill be small is there any lower interest loans out there that are better value for money??

I have met with an advisor who couldnt beat any of the recent deals I have seen on the net for 5 year fixes etc. As this is my first mortgage and my situation is fairly good with having a large deposit and only needing a small loan, is there any advice that the mortgage pros on the forum can give to a relative newbie in the property market, in regards to my options and any good deals out there.

Thanks in advance

Dave_Ham

Ok, on the mortgage side subject to everything being straightforward and I suspect it is; direct deals (certainly on the longer fixes) will be slightly cheaper.

Your issue is the deposit, lenders are not going to be happy when you are being gifted it in by someone who will also be a resident.

Putting this as a joint application saves that, but you may not have been told this in a branch or on the telephone so sometimes the broker route can save money elsewhere.



Good luck

mart321

OK I was presuming as I am going to be the one paying the mortgage monthly through my wages then the mortgage will Be in my name, if it is easier to make it a joint one then we can do that but financially I will be funding the monthly payments. As I said my Mrs own our current home so the deposit will come from that sale

Dave_Ham

Joint all the way!!

kingstreet

Presumably your partner will wish to be part of the ownership of the property? You can't have a sole mortgage on a jointly owned property, so you'll need to apply accordingly.

mart321

thanks for the replies, another question i have is that the best deal seem to be for 60% LTV, by my calculations i will only need a 34% LTV mortgage, will this make a difference as i cant seem to find anything beyond 60%, would it be wise to just invest 60% LTV and bank the rest. what is the situation with such a low LTV??

mart321

one more question, this will be my first move but the mrs' second, im currently looking at appying for mortgages, am i classed as a first time buyer

kingstreet

The LTV band is upto 60%, so you qualify if your LTV is anything upto that.

If you have never owned a property before, you'll be classed as a FTB and your partner as a home mover. You should qualify for FTB offers as a result.