first time buyer, can I get a mortgage on NMW

kingstreet

nintendosam wrote: »

I have also heard about government help to buy, is that for new build properties only ?

The one which increases your deposit via a loan is newbuild only, yes.

Thrugelmir

nintendosam wrote: »

they are happy to help and offer me cash as a loan....i will of course re pay it back.

Very dangerous in over stretching yourself financially. You'd be better off trying to improve your situation while continuing to save.

HappyMJ

nintendosam wrote: »

they are happy to help and offer me cash as a loan....i will of course re pay it back.

Which will be taken into account when the bank undertakes an affordability calculation which means you have less disposable income to commit to the mortgage repayments so you won't be able to borrow so much.

If you are taking home £1,000 a month spending £500 on living expenses for one person then you have £500 left over. If you are paying your friend back £200 per month then you only have £300 to make mortgage repayments with. That doesn't get much in the way of a mortgage.

nintendosam

It will just be me and my friends won't be asking for the cash back in a long while, so I won't have to re pay them back instantly.

I have spoke to estate agents and they advised me to speak to a mortgage broker and my bank to obtain a mortgage certificate.

Will try to get one, if not I will be still living with my parents I guess.
Thanks for all your help.

pinkteapot

A mortgage lender won't be happy with you borrowing money from other people for the deposit. They will ask that anyone giving you money towards the deposit writes a letter to your solicitor saying that the money is a gift, not a loan.

ViolaLass

OP, what prospects do you have for a better paid job?

DpchMd

nintendosam wrote: »

It will just be me and my friends won't be asking for the cash back in a long while, so I won't have to re pay them back instantly.

I have spoke to estate agents and they advised me to speak to a mortgage broker and my bank to obtain a mortgage certificate.

Will try to get one, if not I will be still living with my parents I guess.
Thanks for all your help.

You're not listening.

Taking a loan from friends won't help.

Taking a gift from friends won't help.

nintendosam

ViolaLass wrote: »

OP, what prospects do you have for a better paid job?

I am not sure yet, will find out when my probation period ends here which is in a few months, so happy to wait.

I feel as if it does not hurt to ask and gain experience....So will just look around.

nintendosam

Update: Well, I have spoken to a mortgage broker and have foud a property which is 70k - 72k through my estate agent.

My mortgage broker has given me a few options:

Either place a 10% deposit on the property and find a lender which will provide the remaning 60k. Also have 2.5k aside for fees.

Or if I want to buy a 80k property, I have to increase my salary by a bit and get a job which is slightly higher than NMW or increase my deposit to 20k.

Any input or further advice please ?

Thanks,

Sam

nintendosam

ACG wrote: »

In short no.
£6.50 x 40 (hours) x 52 (weeks) = £13,520 as an annual wage.

Lets assume you can get 4x your income thats £54k mortgage, add your £9k and your at £63k. At best you may close to £70k but I cant see you getting much more than that.

:beer: yes this is what my mortgage adviser said today, I can reach the 70k mark but will need an additional 2.5k for fees.....

It is surely unlikely I will get the 90k property but can get something cheaper for 70k - 72k

Thanks.