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I Don't Know Where to Start..

Lala2015
Lala2015 Posts: 229 Forumite
in Mortgages & endowments
Hi everyone,

I'm pretty sure I'm not the only one in this situation & you have all read similar posts, so please bear with me!

I'm 26, recently single and privately renting (currently £895 p/m not inclusive of bills).
Time to buy my OWN home.
Deposit savings of £32k, also saved for all the separate bits and pieces, i.e. stamp duty, conveyancing fees etc.
Annual salary of £28k.

Finding it SO difficult to find someone to lend me over £120k. (I'm in Surrey - finding a decent home for under £150k is VERY difficult!)

Any advice please?
I've got a few appointments with mortgage advisors in the coming weeks and I've done every affordability calculator on the internet (or so it feels!):eek:

Thank you :)
FTB House Deposit - £28,505.00 / £40,000 - 71.26%
Emergency Savings - £750.00 / £5,000 - 15.00%
[STRIKE]Car Finance - Cleared - July 2015 [/STRIKE]
«1

Comments

  • Landofwood
    Landofwood Posts: 765 Forumite
    Have you tried Natwest? They should lend you around 130k assuming no debt or adverse credit history, amongst other considerations.

    https://personal.natwest.com/personal/mortgages/secure/how-much-can-i-borrow.html
  • csgohan4
    csgohan4 Posts: 10,602 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    edited 10 June 2015 at 4:35PM
    you will need a broker to help you, but with your low income for the income multiplier, your target of 120k is probably out of your reach, taking into account your outgoings as well.
    "It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"

    G_M/ Bowlhead99 RIP
  • libf
    libf Posts: 1,008 Forumite
    Have you looked into help to buy or shared ownership?
  • Let_Us_See
    Let_Us_See Posts: 1,319 Forumite
    Unfortunately, a single applicant's borrowing capacity on £28k is around £120k, less with some lenders and a little more with others. Do not expect any lender to significantly offer more than £120k.
  • amnblog
    amnblog Posts: 12,782 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    You need to consider the Help to Buy Equity Loan Scheme or Shared Ownership.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • Landofwood
    Landofwood Posts: 765 Forumite
    Natwest offer 133k, with his deposit that's 165k.

    Maybe that's all he needs?
  • Let_Us_See
    Let_Us_See Posts: 1,319 Forumite
    ...........or she? If very difficult at £150k, I don't think another £15k will make a great deal of difference, but every little helps.
  • Teqpro
    Teqpro Posts: 61 Forumite
    I agree go with HTB, my sister did a similar thing and then she found a partner and they both had to sell there houses, lots of stress
  • Landofwood
    Landofwood Posts: 765 Forumite
    Let_Us_See wrote: »
    ...........or she? If very difficult at £150k, I don't think another £15k will make a great deal of difference, but every little helps.

    I'm going by the limited requirements in the OP.
  • Duncan_Pattinson
    Duncan_Pattinson Posts: 5 Forumite
    I would contact a Mortgage Adviser and carry out a mortgage market review (MMR). The adviser will then search the market and compare the mortgage deals for you.

    Go to google type in MMR then mortgages and your location. Then you will have a choice on who to contact. Request a call back as the MMR takes time.

    Then once you have that detail you can go house hunting
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