FTB Options

Posted on 13 April 2010 by Gary Speer


I earn £18,000 and Im looking at my first buy, new house for £169,000.  Am I likely to get a loan, I have a deposit of £10,000?

Gary

On the face of it, I think it is very unlikely you will get a mortgage to cover the purchase of this new house. The reason I think this is because your income would normally support a loan of about £65,000 and the size of deposit you have is not sufficient to meet Lender's normal requirements.

However, you may qualify for one of the Governments FTB Homebuy initiatives. These enable qualifying applicants to buy a share in a property and then build up that share in the future until they own the property outright. Depending on your circumstances there are a few Lenders who would a mortgage on one of these and it could prove an ideal first step onto the home owner ladder for you.

I recommend that you look at the Home and Community pages on the Government's own website before speaking to an independent mortgage adviser about your situation:

Peter

www.direct.gov.uk/en/HomeAndCommunity/BuyingAndSellingYourHome/HomeBuyingSchemes/index.htm

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