First Time Buyer - £240k property and only 70k deposit

lonibra

MovingForwards said:

Really helps if you provide all the relevant information:

https://forums.moneysavingexpert.com/discussion/6258643/need-advise-first-time-buyer-a-total-newbie-confused-and-wanting-to-buy-a-property/p1

With all due respect OP, you're not going to find an MB who's going to dig through all that background story for free to find out what options you have! There is a lot of relevant information there.

MovingForwards

The short version:

OP is married, kid on the way, being gifted money from parents from sale of a property but the money was never declared here there is untranslated papers to show a property was sold, wife doesn't work, OP will take second job to get higher mortgage and or deposit, will also somehow get friends to give them loads of money to bump up the deposit. 

There's probably a few other key points but that's enough to start with!

MaryNB

MovingForwards said:

Really helps if you provide all the relevant information:

https://forums.moneysavingexpert.com/discussion/6258643/need-advise-first-time-buyer-a-total-newbie-confused-and-wanting-to-buy-a-property/p1

Especially since the questions above were answered repeatedly in that thread. 

Bucki

Hi all

Managed to speak to a broker and had a talk.
She did advise that with my current salary , I be able to borrow up to £126k for 29 years at a monthly value of £450

Wondering, if the other brokers would offer better rates/loans?

Owleyes00

Bucki said:

Hi all

Managed to speak to a broker and had a talk.
She did advise that with my current salary , I be able to borrow up to £126k for 29 years at a monthly value of £450

Wondering, if the other brokers would offer better rates/loans?

Unless you got an agreement in principal, the broker will have run a simple affordability calculation and given you an average based on your credentials. 

When you go to apply for the mortgage the broker will not give you the deal, they will present you with a choice of deals available on the market. It is true that certain brokers work with different lenders so they may have access to different rates but it is not the broker who is giving you this rate.

The point still stands, as you have been told on this thread and your previous one, nobody will lend you more than 4.5x your salary which is £126K. 

You keep asking the same question and hoping for a different answer. £126K is the MAXIMUM you will be able to borrow. It may be less when you go for an agreement in principal based on your credit rating, the fact you are supporting your wife and have a baby on the way, and any other regular payments you need to make such as a car loan.

lonibra

Bucki said:

Hi all

Managed to speak to a broker and had a talk.
She did advise that with my current salary , I be able to borrow up to £126k for 29 years at a monthly value of £450

Wondering, if the other brokers would offer better rates/loans?

Grab this broker with both hands and get your mortgage. She must be a genius.

MWT

lonibra said:

Bucki said:

Hi all

Managed to speak to a broker and had a talk.
She did advise that with my current salary , I be able to borrow up to £126k for 29 years at a monthly value of £450

Wondering, if the other brokers would offer better rates/loans?

Grab this broker with both hands and get your mortgage. She must be a genius.

I would also be very confident that whoever she is, she did not say that the OP 'would' be able to borrow that amount but that based on what she had been told up to that point it was possible that it could be as high as that but that nothing would be certain until full details had been provided and an actual offer had been obtained...