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Help2Buy Scotland
gemschmoo
Posts: 25 Forumite
Hi all,
Myself and my partner are in the first steps of looking to buy a house this year!
Some details:
Aged 24 + 25, joint income (pre tax) of £35,000, no debts or credit to pay off - 2 credit cards between us which are paid off every month in full.
We are looking at the Help to Buy scheme in Scotland. We currently have a 5% deposit, hoping this will be closer to 7-10% by the summer (depending on how much money to keep aside for other costs)
The home we are looking at is 225,000 - is this a possibility on our wages?
Also, would it be better going through a mortgage broker, or applying to mortgages from a few banks?
Sorry if these questions seem stupid - we're still trying to figure all of this house buying information!
Myself and my partner are in the first steps of looking to buy a house this year!
Some details:
Aged 24 + 25, joint income (pre tax) of £35,000, no debts or credit to pay off - 2 credit cards between us which are paid off every month in full.
We are looking at the Help to Buy scheme in Scotland. We currently have a 5% deposit, hoping this will be closer to 7-10% by the summer (depending on how much money to keep aside for other costs)
The home we are looking at is 225,000 - is this a possibility on our wages?
Also, would it be better going through a mortgage broker, or applying to mortgages from a few banks?
Sorry if these questions seem stupid - we're still trying to figure all of this house buying information!
0
Comments
-
You don't earn quite enough, by my reckoning.
Lenders factor 3% of the equity loan into affordability and that means you'll be able to borrow less.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 -
Unfortunately, I feared that
We will still apply for one via a mortgage broker, out of hope!
There is also a house for £185,000, which could be a more sensible choice for us0
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