Mortage advice -first time buyer

glasgow429

Here goes..... Looking for some advice

Myself and my partner are 30, work full time jobs and take in around 50k pa salary split. I pay out about 250 per month for my car and phone bill. (No kids) he pays one phone bill 60per month ��������

Right now we have 10k saved looking to purchase property in Scotland around the 75k mark. Not a lot I know but plan is not to throw myself in the deep end with a huge mortgage and looking online I can get a cottage flat for that price.

I signed up for an ISA iwith BOS. My partner is with TSB they don't offer that and never got round to finding out if he could do this with another bank. However, I think I will take the mortgage out on my name as he hasn't been the best over the years with his credit rating. As for me, I'm really good with money and don't want his bad past of not paying bills to effect me. :rotfl:

Im not adding what I will get from the ISA into my savings (3grand in isa atm), I read on the thread you dont actually get the pay out for weeks after?. (What's the use is that?)...

seems such a headache (of course), I don't know where to begin... But given my age I need to get the ball rolling....

- should I try get 15k or more saved before I think about applying for a mortgage.... Thinking about furniture and fees etc

- where do I start looking for the best mortgage?

- Any first time buyer tips and tricks out there ..?

Thanks

getmore4less

I would start by doing proper budgets to work out what you can afford

Start with the real one that is the last 12months income and outgoings.

Then do a forecast one for buying and living in the place.

Use the SOA format to get started.
https://www.stoozing.com/calculator/soa.php

between you you should have a bit over £3k to work with.

Work out where it goes and what your budget will look like with a mortgage and bills.

If you live at home(cheap) or rent(more expensive) will probably be the difference between it being an easy change(swap rent for mortgage) or harder(swap spends/savings for mortgage)

if you can do a plan/budget with around £500pm avaiable for the mortgage(£75k @ 5% 20y) you should be OK, chances are you can get one closer to £400pm anyway.

If there is adverse credit floating around you should engage a broker to look at the options sole/joint and suitable lenders for your circumstances.