First time buyer advice needed, apologies in advance

sineadm123

I am about to take my first steps into buying a house by looking for a property I have read the mse first time buyers guide but still have some unanswered questions.

Some background information is I am currently living in a rented fully furnished flat with my OH and have £10,000 saved. This will be for deposit and all fees. Unfortunately we cannot move back to any parents house as the commute is too far for work and therefore will not be able to save much more whilst renting.

I was wondering is it possible to get a mortgage more than the price of the house only by £5000 more. I have been told by my parents that this is possible but they bought their house 15 years ago so I'm pretty sure things have changed since then. Reason for needing more money is because £10,000 is all we have and once deposit has been put down and fees we won't have anything to fill the house with.
We are looking at depending on price of house putting between 6%-10% deposit

Finally when it comes to a mortgage broker for a first time buyer should I have a face to face mortgage broker or just over the phone or does it really not matter.

Again apologies if I haven't made any sense and my questions are stupid.

Thanks
Sinead

Contemptuous

No, you cannot get a mortgage for more than the property costs. The maximum you can borrow is 95% of the purchase price or property value, whichever is the lowest.

When I was a FTB I saw the broker face to face (he came to my home, but this was 9 years ago so things may be different) although I believe some brokers will conduct business over the telephone - perhaps it's personal preference.

amnblog

You cannot borrow more than 95% of the value or purchase price of the property Sinead (whichever is the lower).


Mortgage brokers operate both face to face and remotely, which method is used is a matter for you.


If it helps we have a 19 page First Time Buyers Guide. I can send you a copy if you PM me.