First Time Buyers

ChaddyBouy

Hi all,

Me and my OH are looking at buying our first home at the start of this summer. We have circa £3500 at present and are saving £800 per month between us to try and get to approximately £7k by June.

That being said we are only going to be able to afford a 5% deposit on a house with a value up to £124,950.

Our circumstances are:
Myself
Permamant employee, been in role since Feb 2012. Salary 21k. Credit card gets paid off on a regular basis and have done so since getting it in 2010.
Car finance 200 per month for the next 14 months, again no late payments. No other defaults etc. on my file.

My partner
Newly qualified teacher, salary 21.5k. She has a contract until end of this school year and not sure of what the future holds just yet but should find a new job easily enough however doubt it would be permamant.
She has no existing credit but is exploring of opening up a credit card to try and build something up before the summer.

My question would be:
Are we realistically in with a chance of getting a 95% mortgage? Is there anything extra we could do to improve our chances?

Thanks in advance!

ACG

I would not had thought so.

Anyone on a contract needs to have had the contract renewed at least once and it have at least 6 months left to run.

At 95% though i think lenders are going to be less inclined to want to put that through - i dont do many 95% mortgages though so i could be completely wrong, i think kingstreet (a member on here is best placed to answer this).

kingstreet

At 95% I have no idea.

It's not our market. We're newbuild specialists, so most of our stuff is 85% or less, with or without HTB - Equity Loan.

I recently placed a teacher on a fixed term contract (9/13 to 9/14) but that was at 90%. You need career history, previous renewed contracts and/or a decent run into the future on the current one.

A whole market broker recommendation from friends and relatives would be your best bet.