Will anyone give us a mortgage?

Mmox_2000

Hi i'd be really grateful for any advice you can give us, we are really keen to buy a property but not sure if we can?

My partner and i are first time buyers, i have a salary of £16,500 but my partner is self employed with 2 years worth of accounts the most recent being £21,000.

We have a deposit of £10,000 and do not have any credit card debt however i do have £8,000 Student loan from University. We live in a ridiculously overpriced area (not London prices but silly enough!) and are unlikely to even get a 1 bed flat for less than £170,000.

We're not really sure what option we have? will we need to get a self cert mortgage as my partner is self employed? Is it possible that we would be able to get a mortgage that large or do we need to continue saving for a bigger deposit?

Sorry to go on but any advice on where to start would be most appriciated! Thanks

herbiesjp

Welcome to the board

You both have proof of income - so self cert not needed

Have you started to pay off the student loan? You haven't hit the threshold yet have you?

A larger deposit would always be better, but you should be able to get that mortgage amount agreed

However, I would strongly recommend looking at what that would mean in terms of repayment figures for you, as just because you can get the mortgage amount does not necessarily mean it is the right thing to do

Mmox_2000

Thanks for your advice, any suggestions where i should start to look?

I am paying back a measly £7 per month to my student Loan! Am also saving £20.00 a month to pay back in a lump sum at the end of the tax year not much i know but its a start i suppose...

herbiesjp

If you want to go it alone you could look at sites like moneysupermarket - but please note that most of these sites then sell off your details to highest bidding advisers, and you will get phone calls as a result.

Being FTB I would suggest discussing your scenario with a whole of market fee free adviser, and let them see what they can find for you, and explain to you exactly what happens in the process and how things should be done