First Time Buyer Deposit/Mortgage Advice

monkey_nuts_2

Hopefully somebody will be able to help. My wife and I are looking to purchase our first house, we currently have around £12,000 saved for a deposit. My salary is £20k, my wife's is £13k. We have no outstanding debts, have never missed a payment (previous car loan & household bills, never had a credit card) or used our overdrafts.

We are looking for houses around the £120-130k mark and are wondering if we are likely to get a 90% LTV mortgage or need to save for a 15% deposit?

Any advice is happily received.

ACG

There is very little information to go on so its difficult to say.

However, if you have had credit in the past and paid it all off on time then there should be no major issue getting a 90% Mortgage.

Just remember £125k is the stamp duty threshold - anything above that and you have to pay stamp duty.

No real advice to offer as such but if your unsure or want a helping hand its always worth a chat with a broker (avoid the estate agent based ones... you can never be 100% theyre working for you rather than their employer - there could be some bias there).

monkey_nuts_2

Thanks ACG, once we have saved up a bit more we will speak to a broker.