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Confused!
graceandowen
Posts: 1,176 Forumite
Hi,
We are looking at trying to get a mortgage (we have been given the details of a broker from a friend) and Im wondering whether its worth making an appointment.
I really dont understand it all if im honest.
If anyone could advise here whether its worth even trying that would be fab.
Basically the home we want to purchase is a new build
and we are hoping to get the help to buy scheme with it
The home is £120,000
Our combined family income is £31,000 p/a
and we currently have £3500 saved as a deposit.
Any advice would be greatly appreciated
We are looking at trying to get a mortgage (we have been given the details of a broker from a friend) and Im wondering whether its worth making an appointment.
I really dont understand it all if im honest.
If anyone could advise here whether its worth even trying that would be fab.
Basically the home we want to purchase is a new build
and we are hoping to get the help to buy scheme with it
The home is £120,000
Our combined family income is £31,000 p/a
and we currently have £3500 saved as a deposit.
Any advice would be greatly appreciated
:santa2::xmassmile:snow_grin:rudolf::xmastree::rudolf::xmassmile:snow_laug:santa2:
0
Comments
-
What dont you understand?
Why are you wondering if its worth it?
What is it your wanting advice on?
Your around £2,500 shy of what you need for your deposit...I am a Mortgage AdviserYou 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.0 -
Your deposit is less than 3% at the moment, It would need to be atleast 5% to get any kind of mortgage.Getting married September 2015 :j0
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Yes I have been doing some research and see I need the extra 2.5k
This is doable so not really a big issue.
I just worry im in over my head to be fair, basically we can afford what I assume would be the repayments and some ontop of that.
My husband had a poor credit history and I just feel we will get knocked back to be fair.
Can I go to a broker and say could you find out how much we could borrow?
Im sorry if I sound dumb! I really dont have much of an idea about it all, have been trying to research and have downloaded martins first time buyer guide.
I just feel Im wasting money by renting and owning my own home is something we have aspired to do for a while.
Also If i raised the extra for the deposit, with our income would we be approved for that amount?:santa2::xmassmile:snow_grin:rudolf::xmastree::rudolf::xmassmile:snow_laug:santa2:
0 -
See the broker, they will do a factfind and do everything for you.
They will guide you through the process, give you next steps and timescales.
bad credit can be a problem at 95%, but it depends what and when is on the credit report - this is the brokers job to overcome, not yours.I am a Mortgage AdviserYou 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.0
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