FTB Advice - Where To Start?

Legacy_user

Hi Everyone!

Looking for some advice on how eligible I am to borrow, and where to start :-)

CentiaRoyal

Hi,
How long did it take to save the £8k?

Exodi

Hi Cactus92,

So some points and answers to the above (though I'm not fully aware of Northern Ireland's figures or process so take with a grain of salt);

If you intend to have the house jointly by you and your partner, most lenders would require your partner also be considered on the mortgage (I'm not sure of his circumstances but this is even if he is declaring 0 income). I would personally talk to a broker as lenders can and do take into consideration different employment structures. They should best be able to indicate what you can borrow.

Your intended borrowing amount and income all seem reasonable but you should spare a thought for LTV, you'll really want to get to a 10% mortgage + related fees as a deposit before considering to buy (on a £110,000 house I'd get to £13,500 in savings personally).

In closing, I would say it would be wise to hold off a year to pay down your current debts and build up your deposit but if you HAVE to buy now, contact a broker and get their opinion.

System

CentiaRoyal wrote: »

Hi,
How long did it take to save the £8k?

About 6 months... mainly by eating out much less, batch cooking cheap meals for lunch at work

Exodi

Cactus92 wrote: »

About 6 months... mainly by eating out much less, batch cooking cheap meals for lunch at work

You earn £1585 a month and save £1333 a month? Or your partner is contributing to the deposit (which would imply he would certainly want to be on the mortgage).

Sorry I'm getting confused as some of the figures appear to be personal and others joint.

CentiaRoyal

That's great. So you have been saving approx £1,333 a month. As Exodi says, is it imperative you buy right now? If not, you could pay your debts and re-save. Doing this means you would reach £8k in 5 months and you would save on interest plus when you do buy you won't have the worry of paying out the £275 a month on top of your house

System

Exodi wrote: »

Hi Cactus92,

So some points and answers to the above (though I'm not fully aware of Northern Ireland's figures or process so take with a grain of salt);

If you intend to have the house jointly by you and your partner, most lenders would require your partner also be considered on the mortgage (I'm not sure of his circumstances but this is even if he is declaring 0 income). I would personally talk to a broker as lenders can and do take into consideration different employment structures. They should best be able to indicate what you can borrow.

Your intended borrowing amount and income all seem reasonable but you should spare a thought for LTV, you'll really want to get to a 10% mortgage + related fees as a deposit before considering to buy (on a £110,000 house I'd get to £13,500 in savings personally).

In closing, I would say it would be wise to hold off a year to pay down your current debts and build up your deposit but if you HAVE to buy now, contact a broker and get their opinion.

Thank you SO much for taking the time to reply!

Exodi

Cactus92 wrote: »

We were ideally thinking of getting his name on the deeds and not the mortgage (then hopefully added to the mortage in the future once in a permanent position).

I'd be surprised if any lender will let you do that. Most require anyone on the deeds is on the mortgage and vice versa. Plus there's all sorts of complications with 'adding' someone to a mortgage. It would likely be a case of jointly remortgaging.