First time buyers

I completed on my first place in August. As people have said it is nothing to do with if there are two of you, it is simply about how much deposit you have versus how much you earn. Obviously needing a good credit rating as well.

In my experience the larger the deposit the better the rate and the larger the salary the more they will be prepared to lend you. I'm on a 18 month tracker at 2.9% on a 185k mortgage.
 
tlrBeta said:
My mistake then, I probably misread or I did the term as 25 years. Either way, that's a bit lower then I have found, so good I guess

I guess they pinned a lot of it on single applicant then, I can't think of any other reason if your credit score is OK and there would be enough income to cover all the bills.
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Yeah sorry should have said that's over 35 years but I intend to do overpayments to decrease the interest I will pay over 35 years and reduce the length of the mortgage.

I also hope to get a lodger as its a 3 bed house so that will help out with things, but I can cover the costs on my own. I did do a budget etc.
 
We're also completing on Thursday :o

Me and the wife have bought a new build property paid 209k with a 22k deposit.

We're paying around 4.4% over 30 years.
 
Well if they overpay that does help in lowering the amount of interest you repay, but yeah on my mortgage if I didn't overpay i am basically paying for my house twice over!!! Thank god I can overpay and also remortgage in 5 years if I need to.
 
cm1179 said:
my £80k mortgage is more than £400 p/m though not by much. i've no real reason to disbelieve the poster and would be grateful of the full details if poss
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Well, repayments are £342 per month on £72k over 35 years. It is for a house valued at £106k but it is through an easy buy scheme where we own 100% of the property however we only had to get a deposit /mortgage for 75% of it. We have 10 years to pay for the remaining 25%, 5 of those interest free.

We aim to remortgage for the full amount over 25 years when I finish university in 3 years. This will take repayments up to around £500 per month which should be fine as we should have two proper incomes by then.

For me, it works out cheaper than living in halls and student accommodation and we bring in around £1900 per month between us at the moment.
 
I bought on my own nearly 2 years ago now, 2 bed end terrace new build.

It's possible, but it's bloody hard at times :)
 
I'm a first time solo buyer, and although I'm not in my dream house, it's a start. The next time I will be buying again will depend on my job or if I'm lucky enough to score a nice lass.

Was offered 5x my salary and needed 10% deposit.
 
I'm a first time buyer with a mate, completed just under a year ago on 3.8% fixed for 2 years. 25% put down, but on an interest only deal.
 
DiscoDave said:
Interest only deal? Interesting... what made you do that?
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We're sharing the mortgage, and imagine living there for 2-4 years. There's quite a difference between our two incomes, so it didn't make sense for one person to chuck in a load of money whilst the other didn't.

a) It would have made it annoyingly difficult to split who got what when we sold up

b) we agreed that the one of us with the higher income might as well do something more progressive with their savings, rather than take a few quid off their monthly payment

Interest only + renting out a room = a cheapish way of living in central london!
 
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