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We are first time buyers looking for mortgage in the range of 280k. Only got 5% deposit on a jonint income of 75k. Any advice?

by larrynx 09 April 2010 |

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My wife and I are recently married and both professional. We are saving up to get mortgage for family home. No kids yet but hope to try in a year or so. We are currently renting but want a to move out before our current contract expires in December. Are there still 95% mortgages in the market? Is is a good idea to take out one, or should we save more? Would we be able to borrow that much on our incomes?

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19

MortgageGuru posted
Hi Larrynx
At present ther are no 95% deals on the market which is a shame. The minimum deposit you will need will be 10%. Looking at the income figure, rasing a mortgage will not be an issue for you, its just whether you can muster a 10% deposit.
If you wish to talk this over any further please feel free to contact me on 02072978190.
The MortgageGuru( a member of the lovemoney.com Financial Services Team)
Posted on 09 April 2010 | Love 1 love Report
272

Swarbs posted
You could consider taking a personal loan for the additional £15k needed to bring you up to around the 10% mark. Just bear in mind that the repayments on the loan may be taken into account in any mortgage calculation, so discuss this option with your mortgage broker (or guru) before commiting to the loan. Alternatively, do you have any well off relatives who might be willing to lend you the additional £15k?
Posted on 09 April 2010 | Love 1 love Report
824

MikeGG1 posted
I would endorse Swarbs ideas as you have enough income to support both the Mortgage and the loan.
Another alternative would be consider Shared Ownership, so you are buying only part of the property in the first place. You could take on more later.
If you are considering starting a family, have you worked out what you could afford with only one salary for a while?
Mike
Posted on 09 April 2010 | Love 0 loves Report
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mandyb posted
If you go to this website http://www.money.co.uk/mortgages/95-mortgages.htm, you will see that the Yorkshire Bank are offering a 95% mortgage for first time buyers.
Posted on 10 April 2010 | Love 0 loves Report
49

peepobaby posted
I think its a good idea to wait for house prices to moderate or for incomes to rise but there are no guarantees on either of those.
Posted on 13 April 2010 | Love 0 loves Report

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