First time buyers - advice

Sazzyuk

Hi, new to the website.

Me and my boyfriend are looking to buy a house in the next couple of months, we currently rent (for just over 6mths), and need a bit of advice.

We ideally need a 100% mortgage - fixed rate - as there is no way we could save up a deposit. I've done quite a bit of research into those that offer 100% and have found rbs, natwest and bradford and bingley.

The house is £130,000. I earn £18,000 and my boyfriend currently earns £15,500. We have never borrowed money, apart from contract phones and I have a car on finance (£150 a mth). I have a student loan but I believe these aren't taken into account.

We know we can afford a mortgage at that price, but would like advice on any other companies apart from those I have listed above.

peterc2609

Hi... take a look at my thread, called "100% Mortgages" from today.

There are 100% out there, but they are like 7.4% so for 130 it is about £800 a month, Interest only.

People will give you the usual comments:

If you cant save for a deposit, then you shouldn't get a mortgage
Wait a million years whilst saving for deposit
Wait a million years cos house prices are going down
Why not continue renting

Etc Etc Etc

I do not have a clean credit file, so prob wont get a 100% well at least not a cheap one!

I'd say although you can listen to peoples advice, and in an ideal world, take it. In the real world, things don't work like that!

Read my thread as there are a few more companies who offer 100%

Good luck!

NeilQuinn

RBS Group (which includes Natwest) have pulled out of 100% mortgages this week & will only go to 95%.

The Mortgage Works are still doing them but the main earner needs to be on at least £20,000.

Mortgage Express are also doing them but they'll only lend you £93600.

UK007BullDog

The car finance and the student loan will work against you in such a sense that the monthly payments added up to a year will be taken off your income.

UK007BullDog

peterc2609 wrote: »

People will give you the usual comments:

If you cant save for a deposit, then you shouldn't get a mortgage
Wait a million years whilst saving for deposit
Wait a million years cos house prices are going down
Why not continue renting

I do not have a clean credit file, so prob wont get a 100% well at least not a cheap one!

I'd say although you can listen to peoples advice, and in an ideal world, take it. In the real world, things don't work like that!

For a 100% mortgage one needs a perfect credit record. There are no 100% mortgages for people with adverse data on their credit file.

In the real world, the one we are talking about hence us giving advice for free on here, will require you to now have a deposit to buy a property.

Also in the real world the 100% mortgages are being pulled, and I bet by end of this month all 100% mortgages have been pulled. Which means in this real world you will need at least 5% deposit, which means no best rates either and a blindingly white credit record.

So yes, you better save up and keep on renting until you have at least 5% to 10% deposit. Maybe the bank of mom & dad can help out?

MortgageMamma

Has anyone thought of C&G? they offer decent affordability and are still available with those with fairly decent credit

herbiesjp

C&G pulled their high LTV products last week

homer_j_3

thought c&g pulled everything over 90% ltv?

or will they consider on an individual basis?

Cazza

MortgageMamma wrote: »

Has anyone thought of C&G? they offer decent affordability and are still available with those with fairly decent credit

Maximum 90% as of Friday last week :rolleyes:

Xeno

While the property is probably going to be smaller and about 25% overpriced, you could get your deposit payed the builder if you go for a new build. (Only possible if you get a house, not a flat)