1st time buyer - mortgage advice

AceT

I'm looking to buy a flat and want to know roughly how much I would be able to borrow. I know the rule of thumb which is 3x salary but I think I should be able to get more. I earn 28k and am married but my wife is a housewife so currently not earning. At some point she will go to work part-time but not yet.

I'm looking to buy a property of around 150k and want to know if its feasible? At some point I may decide to rent out the flat but initially I want to stay there.

So what kind of mortgage would be best for me? A joint one or only in my name? Also I would be able to pay a deposit of around 35-40k so will this work in my favour. My outgoings monthly aren't more than 500 pounds a month I'd say....and no outstanding debts.

herbiesjp

There are some lenders that will look over 4 times income based on an affordability calculation.

You have a good deposit, no debts, you should be able to find a good rate.

As for single or joint - I would opt for joint, as if you decide at a later point to put your wife on the mortgage will only cost money later. Also, if you look to re-mortgage later and get "free legals" putting your wife onto the mortgage at that point will still incur you the cost of putting her name on the deeds.

AceT

So which brokers are worth trying to start with?

johannamse

These guys always weem to come highly recommended by Martin and others: http://www.lcplc.co.uk/

Sinjun

Hi, I am helping my daughter geta mortgage - teacher/first time buyer/London - so need to get the best possible and need some help what with the various schemes available. The previous post kindly mentioned LC plc. Are they recommended by Martin and others ? Anyone used them ? Shall be most obliged for any pointers/advice, particularly good brokers that dont cost the earth. Thanks.

MSE_Martin

OK folks. The best thing to do is

1. Read the sneakily get the best mortgage advice for free article in the mortgage section
2. Download/order (its free) a copy of the remortgage guide, while its for remortgaging much of the info is relevant for first timers too

martin

Joe_Bloggs

A Teacher is classified as a key worker.
Research http://www.teachersupport.info/index.cfm?p=2847
Try 'networking' with fellow key workers as to what is available and if it is all just pie in the sky.
J_B.

herbiesjp

@ Sinjun

Not sure if you have looked into a guarantor mortgage - where you can be the guarantor for your daughters mortgage - not sure if this is an option you want to consider.