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  • FIRST POST
    • ciaran124
    • By ciaran124 5th Jul 18, 7:58 AM
    • 1Posts
    • 1Thanks
    ciaran124
    First Time Buyer Mortgages
    • #1
    • 5th Jul 18, 7:58 AM
    First Time Buyer Mortgages 5th Jul 18 at 7:58 AM
    Hi!

    I am looking for a bit of advise, as I am about to take a leap into the unknown and buy my first property.

    Basically want I am trying to work out is where is the best place for me not necessarily to get the best mortgage deal, but where I am most likely to get accepted. Now I understand there are a large number of factors that affects you affordability when it comes to getting a mortgage. So I will give you as much information as a possibly can.

    I am buying a new build house for 127,500 and have a deposit of 20,000.

    Firstly I am 24 and started a new job in February this year will be 6 months in a few days and this is through an agency. My base rate is 19,817 and I have no guaranteed bonus or overtime ect, however over the last 8 weeks I have worked extra shifts totalling around 5,500-6,500 per annum extra. This is likely to continue up until I get the mortgage at least.

    My credit rating is currently sitting at fair at the minute and I would say there is not anything too bad on it, however there was a defaulted mark from an old phone contract, but this was paid off in 2014, however is still showing.

    I do have a cash back credit card which I use often but always paid it off in full and make sure I don't spend more than either 25-30% of the available credit, and don't use my overdraft on my debit card, I don't have any debts or anything and the only loan I have is a student loan.

    The 20,000 is being gifted to myself from a friend which I won't have to pay back and he will sign the documents to ensure he has no claim to the money. However I do have a help to buy with around 3000 in the account which I can add to the mortgage.

    So the affordability I need is 107,500 and I live in Northern Ireland.

    I would greatly appreciated any suggestions
Page 1
    • csgohan4
    • By csgohan4 5th Jul 18, 8:11 AM
    • 5,158 Posts
    • 3,281 Thanks
    csgohan4
    • #2
    • 5th Jul 18, 8:11 AM
    • #2
    • 5th Jul 18, 8:11 AM
    your affordability is very tight, don't forget solicitors fees and moving costs


    you need to engage a broker who can match you to a lender. not every lender takes the full amount of overtime into account, some only 50% some not at all
    "It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
    • ACG
    • By ACG 5th Jul 18, 8:33 AM
    • 17,819 Posts
    • 9,605 Thanks
    ACG
    • #3
    • 5th Jul 18, 8:33 AM
    • #3
    • 5th Jul 18, 8:33 AM
    A Mortgage broker, an experienced one.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • kingstreet
    • By kingstreet 5th Jul 18, 8:33 AM
    • 34,345 Posts
    • 18,655 Thanks
    kingstreet
    • #4
    • 5th Jul 18, 8:33 AM
    • #4
    • 5th Jul 18, 8:33 AM
    You'll have issues with a deposit gift from a "friend." Most lenders insist on a blood/marriage relationship. Take care with this.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
    • bamgbost
    • By bamgbost 5th Jul 18, 12:40 PM
    • 255 Posts
    • 70 Thanks
    bamgbost
    • #5
    • 5th Jul 18, 12:40 PM
    • #5
    • 5th Jul 18, 12:40 PM
    also if u have been in the job 6 months that will help,
    If you started in feb... then 6 months will be August.
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