How to get the best mortgage for a first time buyer (26y/o single male)

Pixie5740

Is there any point in buying if you're planning to move within 5 years anyway?

ACG

HSBC are the only lender to do it the other way round Pixie. There are a few lenders who will do joint lender, sole proprietor.

jdotpeacock92 wrote: »

YHM what about a joint mortgage sole proprietor where we borrow together but only one name on the deed thus enabling me to benefit from the under £300,000 FTB no stamp duty discount?

Come on! After all I have been saying about your mix of things, you now want to add to the mix. Also, just to add, not many lenders will do 40 year terms. Most top out at 35, some at 30 years.

jennhg88

jdotpeacock92 wrote: »

I mean for instance I don't intent to stay in this 325k property in hertfordshire for long, definitely not the full 5-year fixed term. I plan on selling, and moving up north for a cheaper but larger property thus ending up in a much more affordable situation.

Errm why take a five year fixed then?

ACG

jennhg88 wrote: »

Errm why take a five year fixed then?

Some lenders will ignore the buffer on the SVR on 5 year fixed rate Mortgages meaning you can lend a little more on a 5 year fixed rate than you can on 2 or 3 year deal. I am assuming that is the reason...

madvicker

I definitely can't give more helpful advice than ACG, but what I will say is your plans sound as mad as a box of frogs, sat on the back of a march hare.

The easiest solution is to go for a cheaper property with the mortgage amount you know you can get. Build up some equity and in a couple of years you may well be able to get a bigger house.

davidwood681

You seem fixed on getting the best rates but from an outsiders point of view getting accepted in the first place is your biggest hurdle

sheepy21

I don't understand why you're trying to buy something so expensive! With the big deposit and your wage you've easily got a budget of 200k. Why buy something more expensive that involves your mum being on the mortgage etc? Seems crazy to me and if you're single and planning to move in the next few years why not buy a one bed flat:huh:

jdotpeacock92

My mother's partner might upsticis within five years and move up north hence my mother would like to buy a property up there, larger property , smaller mortgage. However that is not set in stone. Rent is so expensive where I currently live that a mortgage with the sizeable deposit is much cheaper (my current flat went from 950 to 1150 due to a service charge increase). Having lived in a two bed for so long and wanting to find a partner at some point I wouldn't want to limit my options, a one bed just isn't big enough. Having had people live with me in a 2 bed I definitely cannot see being able to make do with just one room. Besides there is the consideration of my mother wanting to separate from her current partner if things do not work out thus she has somewhere to move into as a backup.
With 12 years being the limit at £98k, we may just have to take a personal loan either myself over a long period to cover the difference on the required deposit.

madvicker

jdotpeacock92 wrote: »

My mother's partner might upsticis within five years and move up north hence my mother would like to buy a property up there, larger property , smaller mortgage. However that is not set in stone. Rent is so expensive where I currently live that a mortgage with the sizeable deposit is much cheaper (my current flat went from 950 to 1150 due to a service charge increase). Having lived in a two bed for so long and wanting to find a partner at some point I wouldn't want to limit my options, a one bed just isn't big enough. Having had people live with me in a 2 bed I definitely cannot see being able to make do with just one room. Besides there is the consideration of my mother wanting to separate from her current partner if things do not work out thus she has somewhere to move into as a backup.
With 12 years being the limit at £98k, we may just have to take a personal loan either myself over a long period to cover the difference on the required deposit.

It's not about what you want, it's about what you can afford without putting yourself into funky legal positions and financial obligations.

FTBNow

Surely you can't use a loan to make up the deposit? They'll factor this into your outgoings when you apply for the mortgage and I'm imagining it won't look good that you're having to loan money to build up a deposit, considering you have to show 3 months of bank statements (at least) to show how funds have built up.

I don't see why looking for aa cheaper 2-bed flat or even a 1-bed flat is such a non-starter for you.