First time buyers

agnes

agnes

agnes

Soldato
Joined
1 Dec 2006
Posts
16,908
Location
Amsterdam, NL
Is it possible solo style?

I know what my dream house will be, and I wondered, if it was possible to sustain my self in terms of finance, will it be as easy or more difficult to get a mortgage?

ags
 
Of course it's possible, but you have to be released and it won't be your dream house. Unles SYou have an outstanding job with huge salary.
 
Possible but very difficult, as stated above your wage is a big influence. I've got more than enough in savings for a decent deposit but as an unqualified teacher i earn peanuts so no mortgage lender will go near me (despite being able to comfortably pay the monthly payments required). Perhaps when i finally get on a GTP and qualify...
 
Full on agree guys, I am in no financial position to commit, or even buy a dream house, I just wanted to know wether lenders will steer clear due to being on my own or if it makes no difference as long as they get their money.

I am a young gun and after moving back in with the old dear, just deciding if it's worth sticking with her for several more years or renting again...

Renting is just a money pit though :(
 
I bought a bachelor pad for £70k five years ago which hasn't gained in value, so £70k is still a current price. You're looking at outskirts of a large town though and a very small place - 1 large open-plan room downstairs and 1 large bedroom upstairs and a small bathroom. Mortgage lender wanted something like 10% deposit which took me several years of saving while I was renting a bedsit.
 
it will take 6 years if you have any defaults on it.

i have 1 default that is 4 years old and nobody will touch me for a loan of £5k let alone a mortgage for £200k
 
If you asked me, it's never going to get significantly easier to get a mortgage, because the whole system is heavily controlled to their own priorities by a powerful financial sector.

This means anyone wishing to buy their own house needs to watch their credit rating carefully, save hard, and do everything they can to improve their earnings. Affordability ratios will be the key metric used to assess future mortgages. Good luck.
 
It won't really matter if you're on your own. All they want to know is if you've got a decent deposit and your salary can afford the monthlys easily enough.

edit: oh and how's your track record of paying things (credit history)
 
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My girlfriend managed to get a mortgage for 80k with an 8k deposit on a salary of ~16k. She would have been able to go up to about 95k but we only needed 80k.

To say I was surprised was an understatement. I thought she would be offered about 60k.
 
agnes said:
Full on agree guys, I am in no financial position to commit, or even buy a dream house, I just wanted to know wether lenders will steer clear due to being on my own or if it makes no difference as long as they get their money.

I am a young gun and after moving back in with the old dear, just deciding if it's worth sticking with her for several more years or renting again...

Renting is just a money pit though :(
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Easy to get a quote here, they don't require a load of personal information to see how much they will lend - http://www.ingdirect.co.uk/mortgages/. Use it a a guide as most lender follow the same.

Basically it is 4.5 times salary less commitments.
 
Possible, but you'll need a hefty deposit in the current climate and no outstanding loans for big ticket items like cars.

I bought a new build shared ownership flat about 5 years ago. First couple of years was hard then got a bit easier, now getting harder to afford again. A number of the neighbours got repossessed when the bad patch hit about 18 months ago.
 
DanTheMan said:
My girlfriend managed to get a mortgage for 80k with an 8k deposit on a salary of ~16k. She would have been able to go up to about 95k but we only needed 80k.

To say I was surprised was an understatement. I thought she would be offered about 60k.
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errr how? i'm surprised she would've got anything over £50k and they would've offered her up to £95k, when was this? i can't believe it if i'm honest.

i did it solo, £80k mortgage but have an excellent credit rating that helps
 
It would be interesting to see if I could get the same deal today, my mortgage was 120k when I first took it out 3.5 years ago.
 
I managed to get my first home (2 bed flat) back in 2007, for £180K while I was earning a measley £20k! (I guess the fat deposit helped!)

Looking to move out now so i'll be dipping my toe back into the waters... not really looking forward to see what kind of mortgage I can(t) get. Also need to see how many pennies this place is now worth!

So yes, easy peasy - if you have some capital! Maybe not so easy if you don't :P
 
cm1179 said:
errr how? i'm surprised she would've got anything over £50k and they would've offered her up to £95k, when was this? i can't believe it if i'm honest.

i did it solo, £80k mortgage but have an excellent credit rating that helps
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It was done through Halifax via a financial advisor that was recommended to us. It was done in September of this year, I couldn't be on the mortgage application due to being a full time student so she did it alone and we added me on later.
 
Im in the process of (hopefully) buying my first home (I say hopefully because there are some legal things to do with the lease of the property holding things up)

My parents have helped me me out in the sense that its a special mortgage called "lend a hand" from Lloyds TSB where they have to put down 15% of the property into a savings account that earns them 3.7% interest which gets locked away for 3 and a half years that they cant touch. It acts as guarantor if I should default on the mortgage. In return I put down the other 5% (in my case just short of 4k) and then I get my mortgage of 72k at 4.4 fixed for 3 years.

Hope that makes sense, its all a bloody lot of hassle sorting things out, and if I can't sort the lease stuff out I can't get the property I want (which is under offer from me) which will hurt because I love it :(

Sitting here waiting and keeping fingers crossed it can be sorted.
 
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