First Time Buyer

lloydws

Trying to narrow the search options as I am a first-time buyer seeking mortgage options. Salary just under £30,000. Need to buy (any type of property) within commuting distance of Camden Town. Parents retired but in receipt of generous private pensions. Bank of Mum and Dad offering up to £50,000. What kind of mortgage is available to me, and possibly more important what kind of property should I be looking to buy (including charities such as 'Peabody')?

jrrrrj

If I was you, I’d speak to a mortgage broker 

purple_reign

A mortgage advisor or broker as suggested is your first port of call to understand what lenders are prepared to lend you. Once you know your budget you can consider what kind of property you can afford.

MovingForwards

Start at the beginning, to see where the end result will get you.

Parents deposit, is that a gift or a loan?
How much money do you have saved for the deposit?
Do you have your legal costs etc saved?

Generally it's 4.5x income that can be borrowed for a mortgage, plus the deposit on top = buying power.

Then have a look on somewhere like Rightmove at prices in Camden town and upto 20 miles away. How much will that cost and what will it buy you? Does that fit with your buying power figure? If not, expand your miles further out. 

Also be aware of how much your commute will cost as that will impact on daily living costs and fun money.