First time buyer

maxhunis

Hi All, i would very much appreciate your help.
Husband and i are looking to get on to the property ladder, we have 30k savings for the deposit. We saw a mortgage broker last night , and we were told that we were not yet ready to purchase a property as the deposit is not large enough as the lenders may not lend and the repayments will be really high. We were told that the additional fees such as solicitors etc will also be high so we will need at least another 10k for fees only, we were looking to potentially go into a flat value 300k to avoid paying the stamp duty as a first time buyer!

csgohan4

Duplicate thread


https://forums.moneysavingexpert.com/discussion/5901095/leasehold-or-freehold


Please stick to your thread

maxhunis

i am sorry, i am new to this but how can this be a duplicate thread? this thread is mainly focused around finances whereas the other thread about leasehold and freehold?

LRmortgage

What is your question?
If you want to know if people agree with what the Broker has told you, you’ll need to give much more info about your incomes, credit files, situation etc

maxhunis

all i really want is some sort of clarification on the first time buyer mortgage, as confirmed on my previous post. We have a saving of 30k, looking to get a few more thousands to support us with other expenses such as legal etc, our joint income is 70-75k annually, i am full time employed and husband self employed. As a first time buyer i was told i cannot get anything more then 300k flat hence why we cannot look for houses /freehold.

i know the market is really unstable and i just wanted to know whether we are ready to move into a mortgage or to wait for a little more?
thanks