First time buyer - Options

Wu-Tang

Hello,

I'm currently looking to buy my first place at 25, I've done a lot of research regarding the different schemes, Equity loan, Help to buy London and the mortgage guarantee. I've been saving for the past 5 years or so and managed to scrimp together £45k+ of which I planned to use £25-£30k as a deposit on my first property, Now here's the conundrum, I've used various calculators getting a average of £130-£140k (Since I work a lot of overtime, They don't seem to include this) for a mortgage and well if you live in London you'll know that'll only get you a parking space in some parts for that amount of money.

I've been leaning more towards the mortgage guarantee scheme rather then the equity loan idea, My question is if I looked at say a property for £250k and use a £25k deposit can I secure a high loan to value ratio? Or have I got my wires crossed somewhere with this mortgage guarantee business? I'm speaking to a independent mortgage advisor later in the week but I want to ideally get my research and knowledge up to scratch at first. :beer:

kingstreet

If you buy with 10% deposit, you will need a normal 90% mortgage and the HTB Mortgage Guarantee scheme won't be available to you as the maximum deposit is 9.9%.

The shared equity options all require you to buy a newbuild, so if you aren't, they are closed to you too.

If you have consistent overtime earnings, many lenders will take some into account.

Wu-Tang

kingstreet wrote: »

If you buy with 10% deposit, you will need a normal 90% mortgage and the HTB Mortgage Guarantee scheme won't be available to you as the maximum deposit is 9.9%.

The shared equity options all require you to buy a newbuild, so if you aren't, they are closed to you too.

If you have consistent overtime earnings, many lenders will take some into account.

9.9% cheeky couldn't even make it 10 ha, This is where the problem sort of comes in on whether a lender would provide to me a 90% mortgage