My hubby and I are 1st time buyers,in the UK. My credit rating is fair,his is excellent.How easy is it to buy?

Question

My hubby and I are 1st time buyers,in the UK. My credit rating is fair,his is excellent.How easy is it to buy?

Answer 1

They will check your earnings like someone else said.

Your credit rating will play in your favour.

The best way to find out is to fill the form. Here a 60 seconds application:

http://www.financecomparator.co.uk/mortg...

Check also with Nationwide, they've got very good deal for first time buyers:

3 years tracker at 5.74%

6.49% thereafter

http://www.financecomparator.co.uk/first...

Answer 2

At the moment it should be easy to find a nice house at a good price in the UK, as it's a buyers' market. But this is due to the credit crunch, which means it may be hard to get a mortgage if you need one. As long as you have sufficient income and can put down a big deposit there should be little difficult in borrowing the money you need, but if you're looking for a 100% mortgage, forget it. Those deals have now gone.

However, house prices are widely forecast to drop over the next year or so, so you might be better off renting for a while.

Answer 3

Straight forward enough if you have a deposit. Some lenders are asking for a 5% deposit but most 10%. Getting a mortgage is a combination of credit rating, deposit, outstanding loand and income. If you fit the picture no problem. I am a mortgage adviser and the problem most first time buyers have is a lack of deposit.

Answer 4

your credit ratings will be taken into consideration but more importantly is the lender will need to know of earnings to ensure that the amount you need is repayable basically.Also the  mount of deposit you have available is vital....as we all know lenders are very much more cautious now

Answer 5

Depends on how much money you have to spend and pay for a mortgage, and most banks will only give you 5x the value of your total annual wage.  

Answer 6

Easy if you are flexible in what you are after. You could buy one pretty soon if you consider Vendor Financed homes or Rent To Own homes as the owner would assess you and not a bank..

Cheers

Sheree