Best Mortgage for us

LJF_3

Hi all,

If anyoe can give us some advice that's be great, whether it be professional or experience.

Basicaly me and my boyfriend are looign to move in together, we've found a house we like and can get it for £140,000.

Now comes the difficult part of sorting out a mortgage. We are going to put own a £30,000 deposit which will still leave us with about £15,000 in savings (the house needs some work to it). Our mortgage advisor has recommended RBS on a fixed term of 5 yrs which equates to £691 (approx) a month.

Having thought about it we're now thinking of going in for a 3 year fixed term and we think the post office offers us the best deal with this.

The only thing is i'm still tied in to a mortgage (£80,000) with my friend, whereas this is my boyfriends first house.

What i wanted to know is how much will this limit us to getting another mortgage and will we still be classed as first time buyers.

Additional info: my boyfriend is the 'bread winner' and has all the savings and we both have no credit cards and one loan each (which is a very low amount) so we are in quite a good financial position with no adverse credit.

Any help would be great. Thanks

UK007BullDog

What are the plans about your existing mortgage? It will go against you.

You are not classed as a FTB.

What are your earnings before tax?

Can your boyfriend service the mortgage on his own?

How much are your loans and how long have they still got to run?

You have 1 mortgage and 2 loans going against you.

Why 3 years instead of the 5?

LJF_3

Before tax we earn £40,000 and our loans are:
Boyfriend's loan - £254 per month, another 18 months
Me: £121 per month; another 24 months

I'm getting my house valued on Tue and hope to walk away with about £5k profit, it's a first time buyers house so, fingers crossed, we shouldn't have a problem selling it (other houses in the area are still shifting).

By putting down an extra £3k my boyfriend could get the mortgage on his own but our mortgage advisor has told us that it won't be a prob getting the mortgage together because of our lack of debt and we both have money in the bank. It's just that we were wondering if this is just RBS or whether the post office will say the same.

We are going back to the mortgage advisor tomorrow but we want to sound a bit more savvy than what we are.

We've decided to go for 3 years instead of 5 because of a few reasons, 1) the offer is better, percentage and fees 2) The market is always changing and 3) In 3 years we will be in a better position with a better LTV on the house (having paid off some of the mortgage and hopefully having added value to the house).

Am i being completely daft???