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FTB deposit help

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. 

Thanks

Comments

  • 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.
  • 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.
  • 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. 

    Thanks
    You’d be better off posting on the Mortgages & Endowments board where a few mortgage brokers regularly post. 

    Your 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. 
  • Edi81
    Edi81 Posts: 1,422
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    Better on the mortgages board but following things come to mind:
    child care costs
    any debts?
    planned maternity? 
    You need a broker to help
  • AlexMac
    AlexMac Posts: 2,954
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     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/
  • chanz4
    chanz4 Posts: 10,844
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    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/
    have you ashumed no child care costs
    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.
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