First time buyer after bankruptcy

barracuda1986

Need some advice please guys.

At the end of this month I will be free of bankruptcy and it will finally drop off my credit report. Then I’ll be looking to buy a property as a first time buyer. I am considering a new build property but am getting confused.

I work in sales and last year earned in the region of £43300 with commission before tax etc, and a few mortgage advisors have said that I’ll be able to get a mortgage upto 4.5 times my pay but whenever I use online calculators like on MSE and nationwide, it states it is much lower.

I’m getting confused by help to buy and exactly how it will help me more! I’m going to have roughly £12000 as a deposit, but I’m sure that despite using help to buy, I’ll still only be able to buy a property based on my earnings, is this right?

For whatever reason I have a thought that perhaps help to buy gives me more spend but I’m doubting this thought?

Or does help to buy enable me to get into a new build property with a much lower deposit?

Thanks in advance

Thrugelmir

barracuda1986 wrote: »

For whatever reason I have a thought that perhaps help to buy gives me more spend but I’m doubting this thought?

Help to buy isn't a back door route to enable people to borrow more than they can realistically afford. An interest free for 5 years sounds very attractive. Doesn't change the fact that the debt needs to be repaid and over time will incur increasing levels of interest.

Pixie5740

Each lender treats commissioned based earnings differently. When you say you have spoken with mortgage advisors are these mortgage salespeople at a bank/building society or independent mortgage brokers?

Which HTB scheme are you referring to? HTB ISA? HTB Equity Loan?