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Help to Buy / First Time Buyer
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Kyle Ball
Posted: 02 September 2015 10:52:21(UTC)
#1

Joined: 02/09/2015(UTC)
Posts: 1
Hi All,

I really hope this is the correct kind of forum for me to post this question in - sincere apologies if this isn't.

Basic information:
Salary - 27-28k
Includes bonus of around 2.5k (that can be shown for a number of years)
Savings: 15k

I am hoping to utilise one of the Government schemes, such as Help to Buy or First Time Buyer.

I've attempted to research myself - and found a lot of calculators that stage I can borrow around 110-120k based on my salary. However, I've also seen notes stating that salary may not factor into this, and I could borrow more (which I'm hoping).

I've booked appoints next week to discuss this with banks - but I'm hoping to have my mind alleviated somewhat to see what my actual options might be before this point, so I know sooner if I could actually buy a house.

I am not worried about the mortgage payments, as I know I could afford ~1k per month (and I would get a lodger in, but not need to rely on this income). However, it appears a bit more black and white with banks, which is unsurprising. I just do not know if my salary will hold me back on being able to purchase a house around 200k (the price new build, 2 bedroom houses appear to be in Portsmouth).

Any help and advice will be greatly appreciated - and like I said, I do have appointments booked. This is just initial exploration before these - so I know what I can go in there and expect.

Thank you!
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Sam Norris
Posted: 09 September 2015 15:36:24(UTC)
#2

Joined: 09/09/2015(UTC)
Posts: 2
Hi Kyle,

I work in the industry, and have also previously had a help to buy mortgage. Its actually quite a drawn out process, as they are not as readily available as you might think.

Due to the mortgage market review (MMR) last year, lender criteria when it comes to affordability, has tightened quite a lot, and this is no different on the help to buy scheme, if anything it is tighter. You have to prove that not only you can afford it, but you are also not too well off to not need the use of the scheme.

The basic answer to your question is yes, they take you income and expenditure into account and are quite tight on it in fact.

Id always recommend using a specialist broker/adviser for this, as the banks can only offer their own mortgages.

Hope that helps.

Sam
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Giles Peacock
Posted: 09 September 2015 15:36:24(UTC)
#3

Joined: 15/09/2014(UTC)
Posts: 1
Hi,

Look at property118. They are good for anything relating to BTLs.

Regards,
Giles
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John Green 77
Posted: 01 February 2016 00:26:34(UTC)
#4

Joined: 01/02/2016(UTC)
Posts: 1
I am just getting ready look for a mortgage for the house I am currently living in that is now going on the market. I have purchased in the past and my credit is not perfect. I am trying to improve my FICO score to get a better rate. In addition to the amount, the bank needs ot ensure it is a good secured loan. FOr instance my home is appraised at over $300K, the offer is for $229 - I am hoping the bank will see this as a good investment. I make over $100K a year and hope that helps the overall. Good luck to you in your process!
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