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First time buyer
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Firsttimebuyer88
Posts: 2 Newbie
Hi,
I'm a first time buyer with a isa. Currently i have around £3400 in the isa and i am going to be doubling that amount this year. I just wanted to ask do the government put the 25% with the amount before you apply for a mortgage or after? And also how likely is it to get a 95% mortgage? so i only have to save around £8000 for a £160,000 mortgage. Can you help me please?
I'm a first time buyer with a isa. Currently i have around £3400 in the isa and i am going to be doubling that amount this year. I just wanted to ask do the government put the 25% with the amount before you apply for a mortgage or after? And also how likely is it to get a 95% mortgage? so i only have to save around £8000 for a £160,000 mortgage. Can you help me please?
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Comments
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The bonus is claimed by your solicitor between exchange of contracts and completion, so it can't form part of your 5% deposit for exchange of contracts.
No way to speculate on your qualification for a 95% mortgage. Suggest discussing with independent broker.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
You won't be able to double the amount in your ISA since the maximum you can add is 200 a month.
Don't forget you will also need to save extra to cover a survey, mortgage arrangement fee and solicitors fees.0 -
Thanks for you adviced, I put in £1200 in the first month of every year and then £200 a month after that.0
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You can only put £1200 in the first month you open the account, not once every year. So the maximum you will be able to deposit in this year is £2400.0
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I've been saving into a HTB ISA for nearly 2 years and its correct that you can only put in £1200 in the first month then £200 per month after that, no matter how many years you have it.0
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Agree with the above comments regarding the HTB ISA.
Have you looked at Lifetime ISA? If you're not looking to buy a house in the next 12 months, it may be something to look at, as you can contribute up to £4000 per year.
Some good info on MSE: https://www.moneysavingexpert.com/savings/lifetime-ISAsThousands of candles can be lit from a single candle, and the life of the candle will not be shortened. Happiness never decreases by being shared - Buddha0
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