Posted on: 10th May, 2011 04:02 pm
I am trying to relocate to a new area (Milton Keynes) on my own within the next two months. I am currently employed in my current location (Coventry) and have been for over a year; however I am trying to find a new job before I pay for a new home. The reason why it has to be in two months is because I am currently renting and that is when the lease runs out.
I am in my late twenties and I would be a first time buyer. I have around £10,000.00 saved for a deposit, and would be looking for a one-bedroom flat which is also suitable for a small dog.
Please can you answer the following questions?
1, Is it at all possible to get a mortgage if you have only just relocated to a new area for a job?
2, Will my saving be enough for a deposit on a property that meets my requirements, if not, if there is another way, how do I go about acquiring the rest of a deposit for a mortgage?
3, How long do it take to get a mortgage and what sort of information will they need?
Also, please can you give me some information on Shared Ownership and how it works; for instance, say that there was a one-bedroom flat for around £35,000.00 30% ownership basis with the rent is approximately £160.00 per month. Is the £35,000.00 the deposit that you would need, or can you place a smaller deposit of say £10,000.00 as the deposit and the rest a mortgage.
Please can you come back to me in regards to the queries as soon as possible and if you have any further advice it would be more than appreciated.
Thanks in advance
Gina Blackmore
I am in my late twenties and I would be a first time buyer. I have around £10,000.00 saved for a deposit, and would be looking for a one-bedroom flat which is also suitable for a small dog.
Please can you answer the following questions?
1, Is it at all possible to get a mortgage if you have only just relocated to a new area for a job?
2, Will my saving be enough for a deposit on a property that meets my requirements, if not, if there is another way, how do I go about acquiring the rest of a deposit for a mortgage?
3, How long do it take to get a mortgage and what sort of information will they need?
Also, please can you give me some information on Shared Ownership and how it works; for instance, say that there was a one-bedroom flat for around £35,000.00 30% ownership basis with the rent is approximately £160.00 per month. Is the £35,000.00 the deposit that you would need, or can you place a smaller deposit of say £10,000.00 as the deposit and the rest a mortgage.
Please can you come back to me in regards to the queries as soon as possible and if you have any further advice it would be more than appreciated.
Thanks in advance
Gina Blackmore
Hi ginablackmore,
If you can show proper income, job stability and good credit scores, you will be able to get a mortgage. The down payment for the property will depend upon the value of the property. You need to give 20% down payment in order to get a conventional down payment.
Check out the given page in order to know the documents required to get a mortgage: http://www.mortgagefit.com/know-how/loan-documents.html
Thanks
If you can show proper income, job stability and good credit scores, you will be able to get a mortgage. The down payment for the property will depend upon the value of the property. You need to give 20% down payment in order to get a conventional down payment.
Check out the given page in order to know the documents required to get a mortgage: http://www.mortgagefit.com/know-how/loan-documents.html
Thanks