First time buyer - need some help please

dimbo61

I think so check on there website that first direct will only lend up to 80% LTV and there income multiplier is 2.5x your income so may be tight with £20k as a deposit !!
5 years will soon pass and if you have to move you can port the mortgage to
the new property and borrow the rest at the best terms you can get from your lender, no one knows what the rates will be in 5 years but 4.99 is very good and i remember 15% mortgage rates !!!!!!!

browniej

dimbo61 wrote: »

5 years will soon pass and if you have to move you can port the mortgage to
the new property and borrow the rest at the best terms you can get from your lender, no one knows what the rates will be in 5 years but 4.99 is very good and i remember 15% mortgage rates !!!!!!!

I think that is the problem. I'm sure I read that the FD mortgage was not portable.

InMyDreams

browniej wrote: »

I think that is the problem. I'm sure I read that the FD mortgage was not portable.

Not according to this page.

dimbo61 wrote: »

and there income multiplier is 2.5x your income

Worth ringing them up. We are borrowing more than that (nearly 4 times) and they have OKed it and accepted £299 off us to reserve. I was on the phone to them again last night, asking a few more questions and asked about this and they said that our application was fine, subject to the valuation being OK and the credit check.

dweeby

InMyDreams wrote: »

they have OKed it and accepted £299 off us to reserve.

Me too, yesterday!

They told me that it normally takes 8-12 weeks to set-up for a re-mortgage, or in our case 6-8 weeks because it's a "new" (well not new) house purchase. Seems a long time, does this normally take this long? I sent all our paperwork (p60's, bank statements, application forms etc) by special delivery yesterday.

Hope it doesn't take this long, but I know they're busy...

suby786

they only sed to me, 2.75 x joint income, i only need 3.4 but i also have a 90% LTV... the chaps you got 4x mortgage, can you disclose what your LTV is so we know why and that others (like me) will still not get it... as when i rang them, thats what they sed i cant have it as i need max 2.75 x and 80% LTV... bummer

browniej

InMyDreams wrote: »

Not according to this page.

That does say you could transfer it to another house.

However moneysupermarket.com says it's not portable in its details.

Worth ringing them up. We are borrowing more than that (nearly 4 times) and they have OKed it and accepted £299 off us to reserve. I was on the phone to them again last night, asking a few more questions and asked about this and they said that our application was fine, subject to the valuation being OK and the credit check.

It seems strange then that they say 2.5 times income.

EDIT : Just checked on their website and input my salary. It says I can get 3.5 times.