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How easy is it to get a mortgage (First time buyer)

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  • How easy is it to get a mortgage (First time buyer)

    I am a first time buyer and one of the things i have heard a lot from estate agents when i go to look at property is that offers on have been falling through because people cant get a mortgage. I've also seen properties coming back onto internet websites which were previously marked as being sold. in addition is see properties on internet websites that say sold subject to missives etc but after 8months or so they are still there suggesting to me that the sale hasnt yet gone through .

    I have used banks internet calculator to see how much banks would be willing to give me but how likely is it that when i do come to submit a mortgage application to a bank, they will give me the money that their websites quote?

    I dont want to end up in the situtaion that i do not get the mortgage amount i expect

  • #2
    Re: How easy is it to get a mortgage (First time buyer)

    It will depend on your individual circumstances.

    However, i'm a first-time buyer on a moderate wage and with a fairly small deposit and i was very worried that i wouldn't be accepted - i too had heard all the scare stories - but in the end i was granted a motgage without any problems at all.

    It would be a good idea to check out your credit record. If this is all clear and you have a steady job with a reasonable wage you should be ok.

    As for the amount, the lender's online calculation was about the same as the amount the lender actually offered me, although i did notice that each lender's online calculater suggested different amounts. If you try a few different lenders and assume the lowest online amount is the minimum you will actually be offered by any lender i'm sure you wont be disappointed.
    Last edited by ameliajane; 07-08-2012, 01:43 PM.


    • #3
      Re: How easy is it to get a mortgage (First time buyer)

      I think if you have a 10% deposit and of course, the property values up to what you are planning to pay, there shouldn't be an issue. Speak to a bank and try to get a 'mortgage in principle' - this takes into account your income etc. and is then dependant upon the property you are planning to buy.

      Don't forget that sometimes agents don't update their listings on a particularly proficient basis - could be when something goes through, they are more concerned with getting their fee than updating Right Move!!

      Hope that helps.



      • #4
        Re: How easy is it to get a mortgage (First time buyer)

        Even if getting mortgage is now becoming more difficult for first-time buyer, there are still some options to choose from. Simple reminder: It's important that you are totally sure and ready before you commit to a property or a mortgage.
        “Insanity is doing the same thing, over and over again, but expecting different results.” Buy to Let Mortgage Deals


        • #5
          Re: How easy is it to get a mortgage (First time buyer)


          If you only have a deposit of 10% then your credit will have to be really good.
          You will need some active credit (loan or credit card) to show you can handle credit.
          There are plenty of products available.
          What you can lend will depend on your level of income.

          I would advise seeking the advice of a good broker. You may go to a bank where you are restricted to their products that might not be suited to your situation or status and you may get a NO when youd get a yes elsewhere. I also agree in getting a copy of your credit file before you embark on the journey. You can get a "statutory credit report" usually instantly for £3 from all of the big agencies...

          If you have more than 10% e.g. 15% then this would open the door to many more options and much more flexibility.


          • #6
            Re: How easy is it to get a mortgage (First time buyer)

            Hi Property brain,

            You said, If we've more than 15%, then there's more options available. could you pls explain further on this ?. I'm first time buyer. property is worth of £250K. I've 15% deposit. My credit score is excellent, but my salary is'nt enough, what're options available to buy this property?.


            • #7
              Re: How easy is it to get a mortgage (First time buyer)

              I have recently agreed a price on a property & got my mortgage agreed in principle before actually making the offer. My lender took all of my basic salary & half of my overtime which was all just enough to cover the loan that I needed. I went to see an independent mortgage advisor who showed me all of the lenders products with a 10% deposit & then changed the criteria to show a 15% deposit, the difference was quite significant i.e. 1 to 1.5% lower on the rate. So if you are able to put down a slightly bigger deposit then you will find this beneficial. I saw my bank & a couple of independent advisors, I ended up using one of the independent advisors, the reason was because he took the time to explain to me that it was not just the deposit upfront, there were other costs. He gave me an indication of the other upfront costs such as surveys (& the survey options), stamp duty, lender arrangement fees & solicitors. He told me about a law Broker called fluid law broker who sourced out a solicitor who had a quality track record & who offered a no sale no fee. Overall I have been happy with the advisor & solicitor.