First Time Buyer

stormbreaker

My son is desparate to get his first foot on the property ladder.

It's a long time since we bought property or looked for a mortgage.

Is there somewhere he can look to get an idea of how much of a mortgage he would get and how much of a deposit he would need.

ACG

General rule of thumb is somewhere between 4-5x income (assuming there are not a lot of debts/credit commitments in the background or a football team worth of kids).

Deposit wise you would be looking at a minimum 5%.

How much you can lend, deposit needed and rates available will all depend on how much the deposit is, credit score, affordability etc so it could be worth having a look at lenders affordability calculators.

stormbreaker

Thanks for the prompt reply. He has no kids. Unlikely he will much of a credit score as he is only 20, has no debt and no credit cards. He has saved a fair deposit if 5% is a rough guide. His Dad seemed to think he may need 40%:eek: Don't ask me where he got that amount.

I take it the affordability calculators are found on each lender website?

ACG

If he has maybe a mobile phone and a bank account that will be some credit history and will help.

Affordability calculators are on most lenders websites.

stormbreaker

Thanks again. We have had a look at the Santander one which has given us something to work on.