First time Buyer advice.

Smilingsam123

Hello there,
Sorry if this is the wrong place I thought it looked like the best place to ask a few questions hope you don't mind.

Back story below but here are the questions.

Is it best to approach a bank for a query on getting a mortgage in 12 months time or is there anyone else I can go to?

Also what kind of mortgage would I be best looking at ?
(I intent to try and pay it off as soon as possible doing overtime always available)

What size deposit is best this will be under £130k I'm looking at about 10k in 10 months time. Should I be looking at more ?

Back Story.
Basically I'm a single 25year old that's considering going for a mortgage next year and wondered if I could get some advice. Currently I'm earning about £25k a year with only a £50 commitment (mobile phone contract) all the other bills that I've got at the moment could easily be removed. Luckily/unfortunately depending how you view it I've got no dependants so no extra cost involved there.

I've yet to save up a deposit (started saving now putting away £800 without overtime, next month with some overtime will be £1100.) I've just decided I'm fed up of house-sharing and paying the same price for rent that I could for a place of my own. Currently I'm paying about £600 for house share.

I'd be looking at south Wales, Newport at the moment as I live in Bristol and this is the only place within commuting distance that I can afford; I've worked out I can get something decent for about £90k-130k with a garage or room for a garage. My main form of transport is a motorbike so need somewhere secure. Either way if it's more than one bedroom I'll likely rent a room out to pay of the mortgage faster.
£90k being a 2 bed flat with a garage
£130k being a 2/3 bed house with large garden big enough for a garage

Want to try and get the ball rolling so I'm not renting when I'm older. Hopefully I can get some helpful advice I look forward to reading your replies.

Cheers
Sam.

csgohan4

What other bills or commitments do you have? Any debts?

Smilingsam123

csgohan4 wrote: »

What other bills or commitments do you have? Any debts?

Hello thank you for the reply.

At the moment as I'm living in shared accommodation the only other bill is mobile internet by 3 however that is only as there is no land-line at this current address. I don't have any debts apart from student loan which I believe isn't taking into account. Regarding commitments I don't have any children or any dependant; my bike insurance is paid annually but I don't think that comes into it either.

Cheers,
Sam.

ACG

The bigger deposit the better as you are paying interest on a smaller balance.

I wouldnt bother speaking to a bank or broker as yet, 12 months is a long time in the mortgage world a lot can change. On £25k you could get a mortgage for around £110-115k as a ball park, maybe a touch more with some lenders. Any overtime will help increase the amount you can borrow especially if it is on a P60 (renting out a room however will not).