Some advice for FTB

Car81

csgohan4 wrote: »

I'm afraid with that much of a loan you are not going to get a mortgage, at least of the size you want. Try inputting your details in mortgage calculators in lenders as well as the MSE one.

I have done, and there doesn't seem to be any issues on affordability based on the various calculators.

MoneySaverMick

Personally I think you should make a payment of around 4k off your loan now, you will still pay a decent chunk off over the next year so that when you make you mortgage application this will be alot more attractive to lenders and you will also save massively on the interest being applied to your outstanding loan balance.

So in 12 months when you apply and going off your details you have said you should have around 12k in savings and you'll therefore be able to search for mortgages at 15% deposit meaning less risk to the lender from if you put down 10%.

Current rates at 15% deposit (2.19% initial rate), fixed for 20 years are £325 a month. £273 over 25 years.