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Newbie - first mortgage.
adoptadog
Posts: 8 Forumite
I realise I'm a newbie but would appreciate any help given.
I'm looking to buy my first house and just wondered if it is at all feasible.
I have two part time jobs equalling £18,400 per annum before tax. My deposit is £30,000 and I have £15,000 in savings. I've only ever had two loans, both paid in full before the term ended, but never any credit cards or other finance. I've also never been in the red.
I'll be applying for a mortgage on my own and will be a first time buyer.
Does the amount of savings affect the application process? Should I use some of them to bump up the deposit?
I'm looking at 2 bedroom properties up to £120,000 at the moment.
Thank you
I'm looking to buy my first house and just wondered if it is at all feasible.
I have two part time jobs equalling £18,400 per annum before tax. My deposit is £30,000 and I have £15,000 in savings. I've only ever had two loans, both paid in full before the term ended, but never any credit cards or other finance. I've also never been in the red.
I'll be applying for a mortgage on my own and will be a first time buyer.
Does the amount of savings affect the application process? Should I use some of them to bump up the deposit?
I'm looking at 2 bedroom properties up to £120,000 at the moment.
Thank you
0
Comments
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£91,000 is about the most you'll be able to borrow, so you may need to adjust your deposit, based on the eventual purchase price you agree for a property.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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Thank you for your reply.
I'm sure I'll be back with more questions as the process moves along 0
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