Future first time buyer, looking for advice.

VW1991

Hi! We have been saving for a house deposit and have managed to get £12,000 together so far.

We are currently renting and paying £820 a month and need to try get on the property ladder as soon as possible, so my questions are...
1. How likely would it be for us to get a 5% deposit mortgage? 
2. Would it be better to try save and get a 10% deposit? 
3. Help to buy equity loan? is it worth it
4. Shared ownership?
5. How much in fee's should i be expecting to pay?
6. How much would we be able to borrow?

If it helps we are a young family with 2 children and have £400 a month in child care fees. I earn £23k a year, partner earns £31k a year plus around £1600 a year in child benefit. No debts but not the best credit rating, no defaults CCJ's or late payments though. 

Thanks!

ACG

1. How likely would it be for us to get a 5% deposit mortgage? - Depends on your circumstances, but people do get 95% Mortgages every day. 
2. Would it be better to try save and get a 10% deposit? It would, but the flip side is you are paying a lot in rent so it might actually be cheaper for you to buy. 
3. Help to buy equity loan? is it worth it - I am not a fan personally, but there are others who will say it has been good for them. 
4. Shared ownership? - As above. 
5. How much in fee's should i be expecting to pay? - £1000-1500 solicitors fees. Valuation fee would be anywhere from £0-350ish, broker, anywhere from £0-999. 
6. How much would we be able to borrow? As a stab in the dark, I would say about £200k from the limited information, but it comes down to your circumstances. You can have a play on some affordability calculators. 

VW1991

ACG said:

1. How likely would it be for us to get a 5% deposit mortgage? - Depends on your circumstances, but people do get 95% Mortgages every day. 
2. Would it be better to try save and get a 10% deposit? It would, but the flip side is you are paying a lot in rent so it might actually be cheaper for you to buy. 
3. Help to buy equity loan? is it worth it - I am not a fan personally, but there are others who will say it has been good for them. 
4. Shared ownership? - As above. 
5. How much in fee's should i be expecting to pay? - £1000-1500 solicitors fees. Valuation fee would be anywhere from £0-350ish, broker, anywhere from £0-999. 
6. How much would we be able to borrow? As a stab in the dark, I would say about £200k from the limited information, but it comes down to your circumstances. You can have a play on some affordability calculators. 

- Apart from the childcare bill our outgoings are fairly average, nothing exciting. £200K would be perfect as we have been looking at houses priced £190,000-£215,000

Thanks, i will have a look at affordability calculators now.

PaulaB77

Perhaps approach a mortgage advisor and see what your options would be for a %5 deposit. I myself am trying to decide whether to go with 5 or 10. Not sure your area, but I'm also looking into the first home fund which is available in Scotland, not sure if there's something similar in England. 

VW1991

Just had a look into the equity loan which is similar to the first home fund in Scotland, i think. Can the equity loan be used only on new builds?

DCFC79

I investigated the idea of a H2B, after 5 years you have to pay x amount back, if that's something you can do then maybe its a good idea but its only for new builds so if your not looking at new builds then not much point in going for that option.

A broker is a good option.

britishbug

Go and see a broker, as an FTB with lots of baggage my broker secured me a 5% mortgage, we were saving for 10% but the house we loved came up, so we’re prepared for the higher interests rates.