First Time Buyer!!!! Need Help!!!!

wiggyuk

I am currently living in a rented flat with my partner, but we wont to get a mortgage to buy our own place, now getting a mortgage quite frankley scares the !!!!!! out of me. What I want to know is how much roughly I would be allowed ? I earn 14,500 a year gross, my partner is under 18 so the mortgage would have to go under my name only, and also what type of mortgage is best and where is best to go I have noe deposit so I would be looking for a 100% mortgage. Any help would be gratefully appreciated.

lisyloo

As a rought rule of thumb you can borrow 3.5 times your annual salary, so that's about £51,000.
I don't know where you live, but in a lot of areas of the country this won't buy anything.

It would be a very good idea to save for a deposit as this will give you access to much better deals than without one.

Also you need to save for a number of other items:

Legal costs
A survey to check out the property.
Possibly stamp duty
Application fees for a mortgage.

Also bear in mind that there are extra expenses involved in owning a property.
You need to insure the building as well as sort out any repairs.

I think you need to save up for a bit and keep your eye on house prices in the media.
There is a possibility that prices may fall so there might be no harm in waiting.

rkdenney

I am a first time buyer and made on an offer of £143500 on a property yesterday which was accepted. I am a graduate and at the moment earn £22000. Even though this is decent money for someone just out of uni it still wasn't enough for me to get on the ladder. So, I am getting a guarantor mortgage. This means that my parents can 'guarantee' the extra money needed to make up the purchase price. I know that the Bank of Ireland (called First Start) and Scottish Widows do guarantor mortgages and there are probably some others about on the market; I'm doing my research now. It is definitely worth saving up for a while to get your 10% deposit or maybe asking parents to help you out with this too. There are better deals about if you have this cash as you're seen as lower risk and also you won't end up paying high lending charges.

Hope that helps.