First time buyer mortgage.
Discussion
Hi guys so basically I work for the NHS and I am allied health professional specifically a diagnostic radiographer.
I live in southeast london and I plan to buy my first property for myself in about 18 months time. How can I maximise the amount a lender will be able to borrow me?
I plan on seeing a mortgage advisor this week as felt I should start planning now rather than 3 months before I have my money together. Also you it never ceases to amaze me what people know in our community!
I know it may seem like I am starting a little early but wanted to maximise my chances of getting a good amount from a lender. Also need to know how hard I need to save for the next 18 months. No new motors for me
for a long while it would seem.
Look forward to your replies.
I live in southeast london and I plan to buy my first property for myself in about 18 months time. How can I maximise the amount a lender will be able to borrow me?
I plan on seeing a mortgage advisor this week as felt I should start planning now rather than 3 months before I have my money together. Also you it never ceases to amaze me what people know in our community!
I know it may seem like I am starting a little early but wanted to maximise my chances of getting a good amount from a lender. Also need to know how hard I need to save for the next 18 months. No new motors for me
for a long while it would seem.Look forward to your replies.
London = Good luck!
You will almost certainly need a humungous deposit and there are plenty of calculators online to see what people will lend you in total
This board has a resident mortgage guy who's antenna is probably twitching now
He has been rec'd plenty of times by others and to be honest Im about to contact him myself as Im due a remortgage to see what he can offer
Cheers
@numtumfutunch
I plan on buying on the outskirts of london. I don't mind moving just outside of London. I love my city but I will not be able to afford to live where I grew up which is a shame. So I will embrace somewhere new! I drive or cycle everywhere in fact I will be getting my motorbike license before the year is out, I just want to be within commuting distance of London. I have used the calculators but I make up a lot of my wage with overtime. The calculators aren't great with that I find.
Who is the resident mortgage guy?
@ Jockamn perhaps I used the wrong words, I plan on going to an indie mortgage advisor.
@brickwall that is very helpful. I have no dependents. Looking at prices near me I will not be able to afford 25% deposit. Im looking at 15-20%. Did they look into things like loans, credit cards subscriptions etc?
I know there is a lot online but speaking to people who have been through it can reveal so much more.
Thanks so far guys!
I plan on buying on the outskirts of london. I don't mind moving just outside of London. I love my city but I will not be able to afford to live where I grew up which is a shame. So I will embrace somewhere new! I drive or cycle everywhere in fact I will be getting my motorbike license before the year is out, I just want to be within commuting distance of London. I have used the calculators but I make up a lot of my wage with overtime. The calculators aren't great with that I find.
Who is the resident mortgage guy?
@ Jockamn perhaps I used the wrong words, I plan on going to an indie mortgage advisor.
@brickwall that is very helpful. I have no dependents. Looking at prices near me I will not be able to afford 25% deposit. Im looking at 15-20%. Did they look into things like loans, credit cards subscriptions etc?
I know there is a lot online but speaking to people who have been through it can reveal so much more.
Thanks so far guys!
Jockman said:
When the lender calculates your credit worth they will subtract any credit you have elsewhere. It is imperative that you close all unused credit cards and overdrafts. Even look at the limits on those that remain and see if you can sensibly tweak them downwards.
Incorrect information......Sarnie said:
Jockman said:
When the lender calculates your credit worth they will subtract any credit you have elsewhere. It is imperative that you close all unused credit cards and overdrafts. Even look at the limits on those that remain and see if you can sensibly tweak them downwards.
Incorrect information......Jockman said:
Disagree. HSBC did exactly this to me 18 months ago.
Then they obviously were concerned that you couldn't afford the mortgage.....no lender I've dealt with has ever told us to tell a client to close down credit cards or reduce overdraft limits.Telling someone to do that, is giving them advice that isn't correct or symptomatic of the industry as whole but just one lender and how they dealt with your application.....
Sarnie said:
Then they obviously were concerned that you couldn't afford the mortgage.....no lender I've dealt with has ever told us to tell a client to close down credit cards or reduce overdraft limits.
Telling someone to do that, is giving them advice that isn't correct or symptomatic of the industry as whole but just one lender and how they dealt with your application.....
Yes. It was taking me to the max - since reduced accordingly to build in a bit of comfort.Telling someone to do that, is giving them advice that isn't correct or symptomatic of the industry as whole but just one lender and how they dealt with your application.....
Jockman said:
Yes. It was taking me to the max - since reduced accordingly to build in a bit of comfort.
It's just concerning seeing people post things like "It is imperative that you close all unused credit cards and overdrafts" as people can take that "advice" and put it into action when that was something specific to you and your circumstances and possibly not applicable to the OP or anyone else........Sarnie said:
It's just concerning seeing people post things like "It is imperative that you close all unused credit cards and overdrafts" as people can take that "advice" and put it into action when that was something specific to you and your circumstances and possibly not applicable to the OP or anyone else........
Conceded. In top trumps Mortgage Broker always beats Joe Public.The information I posted would only be applicable in cases where people are looking to max out.
Sarnie said:
Jockman said:
Conceded. In top trumps Mortgage Broker always beats Joe Public.
The information I posted would only be applicable in cases where people are looking to max out.
And to HSBC..... The information I posted would only be applicable in cases where people are looking to max out.
And they lend until you're 70, something not all lenders do..yet
Sarnie said:
Jockman said:
Conceded. In top trumps Mortgage Broker always beats Joe Public.
The information I posted would only be applicable in cases where people are looking to max out.
And to HSBC..... The information I posted would only be applicable in cases where people are looking to max out.
FTB, no dependents, no debt (other than Student Loan), London, 60-70% LTV. Is there any chance of borrowing more than 5 x earnings?
jonnydm said:
Sarnie said:
Jockman said:
Conceded. In top trumps Mortgage Broker always beats Joe Public.
The information I posted would only be applicable in cases where people are looking to max out.
And to HSBC..... The information I posted would only be applicable in cases where people are looking to max out.
FTB, no dependents, no debt (other than Student Loan), London, 60-70% LTV. Is there any chance of borrowing more than 5 x earnings?
Sarnie said:
jonnydm said:
Sarnie said:
Jockman said:
Conceded. In top trumps Mortgage Broker always beats Joe Public.
The information I posted would only be applicable in cases where people are looking to max out.
And to HSBC..... The information I posted would only be applicable in cases where people are looking to max out.
FTB, no dependents, no debt (other than Student Loan), London, 60-70% LTV. Is there any chance of borrowing more than 5 x earnings?
Guys this have been massively helpful to me. I was wondering about closing the credit cards. I had never heard of this. I am in the process of getting a meeting with a broker for an informal chat. I will keep you posted on how I get on.
ETA When you mention lenders giving FTB 4/4.5 time their salary does this include overtime payments or its exclusive of this?
ETA When you mention lenders giving FTB 4/4.5 time their salary does this include overtime payments or its exclusive of this?
Edited by Driver Rider on Monday 11th April 15:04
Driver Rider said:
Guys this have been massively helpful to me. I was wondering about closing the credit cards. I had never heard of this. I am in the process of getting a meeting with a broker for an informal chat. I will keep you posted on how I get on.
ETA When you mention lenders giving FTB 4/4.5 time their salary does this include overtime payments or its exclusive of this?
No, just basic salary.....lenders will however lend against varying %'s of your overtime income......ETA When you mention lenders giving FTB 4/4.5 time their salary does this include overtime payments or its exclusive of this?
Edited by Driver Rider on Monday 11th April 15:04
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