Mortgage Advice for first time buyers with parental help

guitaristanime

Hi everyone,
Am hoping there may be some experts that could give us some advice on our current situation. We are in the market to purchase our first property together and are having issues looking for the best mortgage available to us.

We looked at a new build property with one of the governments shared equity schemes, however all the additional costs the build companies throw on top of the value of the home is ridiculous, today we gave up after being told of a maintenance charge given to the whole estate by the home builders before the road is sold.

Of course now we are looking at existing properties and are hoping to secure a mortgage without the government schemes, however maybe what we had thought initially is not achievable.

We are being gifted up to £10,000 to help with securing a mortgage, this amount needs to cover most of the sale. We have been looking at these 95% LTV mortgages, although I feel they may have some hidden strings attached somewhere.

Just to cover an example to maybe help with any questions; we have been looking at properties up to around £150,000, however today found one we liked at £135,000.
So 5% -- £6750, loan amount -- £128,250.
Our incomes: £21041 & £11960 and no credit.


Thanks for any advice

kingstreet

What do you want to know?

You are looking for a 95% mortgage and "hidden strings" whatever that might be...

All mortgages have costs/fees, a "follow-on" rate after any fix/discount period and perhaps an early repayment penalty if you pay off the mortgage within the first few years.

Are these the hidden strings to which you refer? Every mortgage product will see you provided with a key facts illustration which confirms all the terms and conditions, so nothing should be hidden.