mortgage and financial advisor help

t3rm3y

Me and my partner are looking to get our first home, im 31 she is 42.
initial looking around suggests we will struggle.

do we need a financial adviser? or is the information readily available online?, if need to see a F.A. is there advice free?

It would be quite easy to sit down and go through our earnings and outgoings, but do we need to know or discuss more?

does a financial adviser also source mortgages for us?

GMS

Why do you think you will struggle?

t3rm3y

i only earn £18k, partner on maternity leave, but was earning £12k part time, and we have 2 children.
She has high expectations, and no matter what i say she is adament in living in north essex where houses are not that cheap and not readily available.
we also want a 3 bedroom house so we can have a long term plan to stay there and it has room for the children.
Not sure about child care when partner back at work, after school etc..
due to our ages, if do a joint mortgage we were told we can only get it for 23 years, so payments are high, if i do single we dont get enough.
we have a deposit of about £25K but its not really helping..

thats why i think we will struggle. but very happy to be proven differently.

_Andy_

What kind of property values are you looking at?

Which lenders have you approached so far?

t3rm3y

up to £140,000
only spoke to Lloyds as that's who we bank with.
i cant remember what they said, i think about £100,000 but repayments were about £700 per month...looking for other options..
i will dig out the docs and confirm that though

amnblog

Take a look at the Help to Buy Scheme.

For example look for the Smart Homes website featuring properties in Braintree.

Don't expect to borrow more than around £160,000 given your incomes.

t3rm3y

Thanks AMN, i wouldnt want to burrow that much,
I looked on the Smartnewhomes site but nothing for braintree with 3 bedrooms, (apart from a house for £225k..)
am i on the right site?

amnblog

You are on the right site but your budget does not fit the area.

Perhaps that is something for your partner to get her head around.

Dave_Ham

Also, how old are you and what is your monthly repayment budget?

This will help on whether the move is feasible, as some lenders will allow a longer repayment term than others and therefore more affordable (albeit will cost you more in the long run)

t3rm3y

im 31, partner is 42.
i was hoping for a 30 year plan, but dont think will get one due to partners age?

not sure of repayment budget as that was my question - do i need to see a adviser?
i am looking at £550-£600 i guess as the mortgage payments plus other bills on top-taking it to about £700 ish per month?

Dave_Ham

Sorry you did put that, potentially depending upon your employment; there are lenders that would consider a 30 year plan subject to the other details of the case...