First Time buyer

ispookie666

We are a first time buyer and had not thought about buying till two weeks back. Looking for HTB - cause rentals are more expensive than mortgage payments.
Looking for property around 160-200K
Have a deposit of 10k
I earn 58K and my wife earns 47K.

I will be moving to a new job at the same level in february and so would my wife. The pay would be the same for both of us.

How would that affect the mortgage application?

Wallhart

Will wait for someone more qualified but I guess the question is are you in between jobs. If your looking to get a house before you move jobs and are still in current employment that would be best and as long as you have clean history you'll be fine I would imagine.

Do you have enough on top of deposit for fees etc?

Wallhart

Also worth noting that help to buy equity loan is actually taken into account in your monthly affordability calcs. Saying that on the info you have provided affordability doesn't seem a problem.

Though you do have to remember what you owe the government is based on the market value at time of payment.

If you cannot save up enough on top of your mortgage then you can possibly remortgage back up to 75% LTV in the future to pay government back

amnblog

ispookie666 wrote: »

I will be moving to a new job at the same level in february and so would my wife. The pay would be the same for both of us.

This depends on the terms of these changes and the lender.

Good advice from a mortgage broker will sort this out for you.

ispookie666

Hi
Thank you all for the reply.
I have had a few house views and one just stands out. would love to put an offer, but concerned that the mortgage application might fall through.

Yes we both are moving jobs, but are in continuous employment till the new jobs start.

Have a few other jewellery gathering dust which should provide a few thousand.

ispookie666

Had plenty of views but the one which stands out went down to final offer and we lost out.
But we have had an offer accepted for a property worth 246k and currently have 13k deposit and more for the other expenses. That would put us at 95% LTV. We have an appointment with Natwest (our current account banker) and had also contacted A broker (suggested Halifax).

I'm scared to !!!! -have a sinking feeling that this all might fall through and we will have to back out.

We have no debt and have never had any credit issues and score pretty high. Also have 15k in gold deposit in another country. We both have individual life insurances well above the house value and have income protection.

Just need some honest opinions/advice - which bank to choose?

chambta

ispookie666 wrote: »

Had plenty of views but the one which stands out went down to final offer and we lost out.
But we have had an offer accepted for a property worth 246k and currently have 13k deposit and more for the other expenses. That would put us at 95% LTV. We have an appointment with Natwest (our current account banker) and had also contacted A broker (suggested Halifax).

I'm scared to !!!! -have a sinking feeling that this all might fall through and we will have to back out.

We have no debt and have never had any credit issues and score pretty high. Also have 15k in gold deposit in another country. We both have individual life insurances well above the house value and have income protection.

Just need some honest opinions/advice - which bank to choose?

If it's HTB then you've a choice of two and the one without arrangements fees and lower rates is the bank you are already with.

maninthestreet

You have a combined income of £105K but only have a £10K deposit??

ispookie666

Hi
Yest 13k + extra for the house move.
Thats the savings from 3 months. Had to spend a lot when i had been back home and bought a second car.
The other option is wait longer and get a big deposit. Looks like heading that way