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FTB deposit help

scottyboy84
Posts: 14 Forumite

Hey folks, just need a little help, my partner and I currently rent, we got 2 kids with another on the way, in late 2024 our rental tenancy comes to an end and we are hoping to buy before then, our house budget is £200,000 looking at a 3 bed but we would only have around £21,000 as a deposit after fees paid etc.
Would you say that I’d going to be adequate?
We both work and earn around £55,000 in total between us.
Would you say that I’d going to be adequate?
We both work and earn around £55,000 in total between us.
Thanks
0
Comments
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Until you sit down with an independent mortgage broker you'll have no idea what's fully available to you.
The sooner you book an appointment the clearer your options will be.0 -
It sounds fine assuming you have no loans etc. 10% deposit should be okay.
In your case I would find a broker and have them sort this for you.0 -
scottyboy84 said:Hey folks, just need a little help, my partner and I currently rent, we got 2 kids with another on the way, in late 2024 our rental tenancy comes to an end and we are hoping to buy before then, our house budget is £200,000 looking at a 3 bed but we would only have around £21,000 as a deposit after fees paid etc.
Would you say that I’d going to be adequate?
We both work and earn around £55,000 in total between us.ThanksYour tenancy won’t come to an end late 2024, the fixed term may end but you’ll automatically start a periodic tenancy the following day.0 -
Better on the mortgages board but following things come to mind:
child care costs
any debts?
planned maternity?You need a broker to help0 -
I’ve never used a broker in over 50 years of buying over 10 properties, preferring to deal directly with lenders.Nationwide - our current lender- have treated us brilliantly over the past 25 years. And their mortgage calculator says on your incomes and savings, you should be good for £300k;
https://www.nationwide.co.uk/mortgages/mortgage-calculators/borrowing-calculator/0 -
AlexMac said:I’ve never used a broker in over 50 years of buying over 10 properties, preferring to deal directly with lenders.Nationwide - our current lender- have treated us brilliantly over the past 25 years. And their mortgage calculator says on your incomes and savings, you should be good for £300k;
https://www.nationwide.co.uk/mortgages/mortgage-calculators/borrowing-calculator/AlexMac said:I’ve never used a broker in over 50 years of buying over 10 properties, preferring to deal directly with lenders.Nationwide - our current lender- have treated us brilliantly over the past 25 years. And their mortgage calculator says on your incomes and savings, you should be good for £300k;
https://www.nationwide.co.uk/mortgages/mortgage-calculators/borrowing-calculator/Don't put your trust into an Experian score - it is not a number any bank will ever use & it is generally a waste of money to purchase it. They are also selling you insurance you dont need.0
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