Mortgage Question

How much deposit do you have?

Well, because we need to rush this through, we haven't been planning at all to get a mortgage or buy a property, so we have about 3500 max in savings that we could use.

Yes! If your salary is 19k then a lender such as nationwide will lend you

The OP stated a *mortgage* of 70K, not a purchase price of 70K.

You are looking at nearly 100% mortgage, as your 3500 could be eaten by buying costs. Some lenders will do 100% (and above loans) - e.g. Northern Rock will go to 125% LTV.

Do a "Google" search for financial websites. S

But you may need to consult a mortgage broker.

But maybe "-" wants to borrow £70k to buy a £73k house?

In other words, savings of £3500 translate to only £1600 being available for a deposit. So the price ceiling looks to be only £68k. :-(

In message , - writes

yes

Thanks to all for the good responses.

Does the cost of stamp duty vary between properties bought? I'm a first-time buyer and I'm just gathering these probably well-known facts for the first time.

As the property I'm interested in is brand new, do I need to do surveys, and budget "about 800 for legal and searches fees", etc? I'm fortunate enough to avoid the removals cost however...

So, does my wife's temp wages count for nothing when it comes to mortgages? It would be a shame if we really are short by a grand or two.

In the £60k-£250k bracket, it's 1% of the purchase price, unless the house is in a special urban blight area, in which case it's free below £150k.

You might find the house seller has some deals going to minimise or remove these costs, assuming they are a reasonably large builder?

Some will even pay the deposit - usually limited to 5%.

In message , Mr Bean writes

Be aware that NW dont assess maximum loans on an income multiplier basis but on an affordability calculation based on net income and expenditure.. The result is sometimes the same but for a person with n o commitments, pensions, savings scheme or other loans they can be quite a lot more generous.

The lender will require a basic survey, but you probably don't need anything more than that for a new property. In theory you can do the conveyancing yourself and save the legal fees, but most people find it less hassle to use a solicitor, moving house is stressful enough as it is!

If they are regular it should be possible to count them. Also there are lenders who will go up to a 4* multiple or so. However, you need to satisfy yourself that you can really afford it; bear in mind that we might see base rates at 6% or more in a couple of years. You may want to look at fixed-rate mortgages.