First Time Buyer Mortgage Advice

newbie26

Hello,

Myself and my partner are looking to buy our first house, I am looking at 5 year fixed mortgages with a 75% LTV (house price £175000, deposit £43750) on a 25 year term.

We have been renting a house since the end of March 13', we have only just got round to getting put on the electroll roll and have been put on from the 1st of this month. Previously I was registered at my parents house however it would seem from a credit check (noddle) my partner has not been registered elsewhere previously and has lived in 3 different locations over the past three years. Her credit score was low presumably because of this and because she has no credit cards etc.

We have no loans, ccj's, debt etc just our student loans.

I have been earning since the start of April 13' having previously been a student, and have just had a pay rise to 22k per annum. My partner works as a waitress and has been on the company books since 2008 she has different pay week to week but it works out as roughly £8K per annum, she has recently started a job as a teaching assistant (beginning of September) and will earn £7K per annum in that job.

I have applied online for a AIP from Tesco and this went through successfully.

Having read through on these forums it seems like this means next to nothing; given our circumstances are we likely to be accepted for a mortgage?

Yorkshire building sociaty seems to also have the best deal for us on a 5 year fixed with 2.84% although I have read they can be quite selective? However is there such thing as a none selective mortgage provider?

Any advice or guidance would be greatly appreciated

ACG

The general rule is the higher the rate the more selective... which makes sense as they have the pick of the applicants.

I cant comment on tesco, theyre a very new lender and do not deal with brokers.
YBS on the other hand have a broker arm called Accord - i refuse to use them. Theyre not worth the stress.

You will potentially hit some issues in that im assuming your partner has a probationary period. Shes also only been in that job a month, some lenders require 3 or 6 months.

As for AIP - its an indication. I believe tesco do a full credit check meaning your score must be ok. Any lender may just ask for evidence you lived at the addresses given if you are not on the voters roll - which could just be bank statements from that period of time.

newbie26

I should clarify, when I say started a new job she is still working as a waitress at the same time as her new job. I don't believe she has a probationary period as she volunteered at the school for the previous 6 months before the job became available.

Building_Surveyor

newbie26 wrote: »

I am looking at 5 year fixed mortgages with a 25% LTV (house price £175000, deposit £43750) on a 25 year term.

25% ltv??? Think you've got your sums wrong...

newbie26

Building_Surveyor wrote: »

25% ltv??? Think you've got your sums wrong...

Whoops, Edited