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First time buyer…Advise needed

johngt_2
johngt_2 Posts: 6 Forumite
in Mortgages & endowments
I am looking to buy a property and I am on 32K sal. I have only recently (Just 1 month) started to work on a perm role. I am looking to buy a property under 120K. But do not have a deposit to put down.
I have 12000 o/s on credit card.


I need to know if I will be able to get a 100% mortgage ( without any brokrage charge for setting up a mortgage) with my current situation.

Any advise would be highly apprecialted.

Comments

  • herbiesjp
    herbiesjp Posts: 8,499 Forumite
    The £12k on credit cards will really impact on your mortgage capability here

    There may be one or two lenders that could agree this for you, but you will need a top notch credit score to get anywhere close

    Have you got a copy of your credit file from Experian or Equifax?
    I am a Mortgage Adviser
    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.
  • johngt_2
    johngt_2 Posts: 6 Forumite
    Yes, i have obtained a credit report from experian and equifax. I have not missed any payment for the last few years but i have already used up all my credits.

    I have spoken to few brokers and they say there will be a brokerage charge of around 1% payable to them as i might not get a mortgage thru high street banks or prime lenders. Not sure if thas true on the first place ?
  • herbiesjp
    herbiesjp Posts: 8,499 Forumite
    Plenty of fee free whole of market advisers out there to choose from.

    NOt sure why they would not expect you to get a prime mortgage if you do not have any adverse credit history
    I am a Mortgage Adviser
    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.
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