what are my chances

lill

49 single, £16500 income no debts looking to purchase property in the range of 80k with 15% mortgage no CCJ or arrears

Dave_Ham

Hi,

Other things being equal, this could be achievable or at least very close.

Will not be suitable for all lenders though, as some that go to 65 are unlikely to fit.

Best of luck

lill

thanks, which would be the biggest stumbling block in your opinion, the salary, the deposit or the age?

GMS

Could be all 3.

Assuming a decent credit score the deposit should be ok.

Age will restrict the term with some lenders which could then mean the income is not enough.

Broker may be useful for you here as they can search the market for the right lender.

lill

thanks, what would i be looking to pay for advice from a mortgage broker? is there anything i should look out for?
Also which would have the bigger impact? increasing deposit to 20% or increasing salary?

Dave_Ham

Depends on the broker chosen. They should provide you with an Initial Disclosure Document which should be transparent.

For an assumed £65k mortgage, unless you hit a national call centre firm; you are likely to need to pay a fee.

I would specifically ensure any fees are refundable if you do not achieve a formal mortgage offer, or fees paid on completion of your purchase.

Typically Estate Agent brokers are not great, but ensure they have access to whole of market and not on a panel.

Lastly, ensure you can talk to them and they listen..

Best of luck

lill

"Typically Estate Agent brokers are not great"? does this mean the estate agent could help to find a mortgage, ( as you can see FTB) I was thinking i would have to have a mip in place before looking at houses.


I think iv found the answer, the estate agent for one of the houses im looking at has in incentive to use their mortgage and conveyancing services

Morgage_Confused

dont use estate agent broker.....there are reasons. for example they will know what you can afford and so your price negotiating with the estate agent will be compromised.

lill

ok cool, so to recap. improve deposit, make sure i apply before im 50 and use an independent broker who has access to whole of market and make sure i get a refund i they cant find a mortgage ??

Dave_Ham

Yep, you got it.

Cannot think of anything worse than buying through an Estate Agent as a first time buyer and using their "dream team" to have around you.

Its like when you were a kid, asking the fat kid to look after your lunch box. Only going to end in tears