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First Time Buyer- Mortgage where to start!!

2 replies

Jennywallpaper · 20/07/2017 14:31

Hi, I'm just wondering if anyone has an advice on where to start when wanting to apply for a mortgage.
DH and I currently rent and feel like we would like to buy our own home, especially now as we have 2 young DC. The problem is that as we are renting it doesn't leave a lot of spare money for us to save for a deposit.
We live in Northern Ireland so have been looking into the Co-ownership Plan which means we would not need a deposit if we borrow up to 75% of the property's value.
I just don't really know where to go from here, do we just need to speak to a bank and see if we qualify for a mortgage or do we look at properties first?
Any advice would be greatly appreciated! Thanks Smile

OP posts:
BackforGood · 20/07/2017 22:40

Talk to a bank or building society to find out what you can borrow, and they will also let you know what costs will be etc.
There is no point in looking for houses until you know what amount you can afford / are allowed to borrow.

AWaspOnAWindowInAHeatwave · 20/07/2017 23:20

Visit or speak to an independent mortgage broker who can do the same as PP suggested a bank/building society can do but for several banks/building societies at once, so you can be sure you're getting the best deal.

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