First time Buyer

Daveb200479

Hi

After many years of renting I am now looking to get on the property ladder with my partner. We have around 20k for a deposit and house prices in our area for the size we need are around 230k so would need around 210k mortgage. I previously had a CCJ around 10 years ago, but belive that has now dissapeared from my credit file. My Basic salary is 39k but with commission I have earned between 65k to 75k in the last 2 years. I have also been with my company for 8 years so have a stable work background. My partner's basic is 23k but for the past 2 years has earned around 40k with commission. She has previously been a home owner as well and has good credit.

Are we best to go directlty to my current bank which is Lloyds or go through a Brocker who could advise on lenders that take my commission into account.

Are there any particular schemes we should look at as there seem to be a number going around at present

Appreciate this may be very basic stuff im asking but a novice at this after many years renting

Contemptuous

I believe Lloyds will take commission into account, albeit a percentage and not the full amount.

SavingEnthu

Dont only rely on your bank. Shop around for the best interest rates using comparison sites etc with the info you have.. Deposit amount, , value of property your are looking for, calculate LTV% etc... Do your homework..

Halifax are the biggest lenders for most types of situations. I got a Mortgage in principle from them (though I dont bank with them).. Armed with that you know with more surety how much you can borrow, and how much you can extend your house budget by, when you seriously start house-hunting.. it certainly helps when you make your offers, when the estate agent knows you already have a MIP-- they know you are serious..

In the end, the estate agent broker did my paperwork, and went with the Halifax deal (through the broker)..

ACG

You are pretty much going to fall into the 95% mortgage bracket which more often than not is going to result in a help to buy mortgage (although not always).

You can speak to lloyds who may take your bonus into account to some extent or another. By speaking to a broker you open yourself up to more than one lender which in turn may result in a better deal overall.

I dont think a 10 year old CCJ is going to prevent you getting a mortgage.