Mortgage advice UK ! ?
Me and my partner have been living in a housing association house for over ten years. We have the right to buy in our tenancy, we have looked at the discount we are able to get due to being full rent paying for so long.
The value of the property once the discount is removed is around £120,000 to £125,000.
What is the kinda deposit we would be looking at for a mortgage of this value ?
Hope someone can help as I have no idea at all about mortgages and we are not in a position YET to make an appointment with a mortgage advisor.
We both work so no issues there and currently building our credit records.
I'm 33 partner 35.
Be looking at a 20 year mortgage if possible.
Thanks in advance.
- MaxiLv 72 months ago
All the advice is written so you can read it, with free advice about it all including mortgage advice https://www.gov.uk/right-to-buy-buying-your-counci...
- TavyLv 72 months ago
You need to get advice now from a mortgage advisor now, it's free and will give you an idea what to aim for.
- sunshine_melLv 72 months ago
You need a deposit of at least 10% of the property value
Assuming you have decent credit, you can borrow around 3 x your joint annual income. You may need a higher deposit if you can't get a high enough mortgage.
- Anonymous2 months ago
The average mortgage deposit in the UK is 15%.
Are you really sure you want to buy property with someone you aren't married to? That can cause a world of headache if the relationship goes south. You won't have the benefit of a legal divorce to sort out what happens.