Mortgages....

me and the mrs will be seeing a financial advisor next month to see what our options are, however in the meantime I thought id ask the .org on their views..so here goes...

current position is my mrs has the mortgage all in her name and i juat pay her half of it each month.

we are looking to sell current property shortly, get a joint mortgage and buy our next home.

I have never had a mortgage.

would it be better to get me onto her existing mortgage now and then go for the next one as both existing customers...or wait and get the next mortgage together and then adding me as a sort of first time buyer....

we have 10% deposit on a £150k house.

any views? experience?? much appreciated as always

Dappa

Providing you have a decent credit record, I'd definitely get a joint mortgage. A 10% deposit will get you an alright interest rate, but Saving for 15% could make all the difference.

I'm waiting another 6 months to see how the market plays out. If you can sell now, and rent whilst you save for a larger deposit whilst watching the market I think you'd be better off.

Being a FTB makes no difference when you have a solid credit history and a safe job.

No chain would be a huge bonus too as people who wanna sell can't wait to get rid and selling your home within a month or so if you see a nice one could be tricky.
I don't know from experience but i have a few friends who are getting a lot of interest as chain free buyers. (and yeah the deposit makes the difference)

its a buyers market just ask Ed he deals with house sales me thinks.

[Biker Biggles]

First question must be can you sell your current place for anything like as much as you thought?All calculations will have to be based on that figure.

You might struggle with the 10% deposit, it's 15% at places now and most want 20%. Our lending policy changes on Monday and our minimum is 20%, but the lower rate products require 40%.

[mattSV]

Originally Posted by MR UKI (1)

You might struggle with the 10% deposit, it's 15% at places now and most want 20%. Our lending policy changes on Monday and our minimum is 20%, but the lower rate products require 40%.

This is what has stuffed the market a bit. 90% LTV used to be 'normal', and would get a good rate, these days there are far few lenders offering 90% - and those that are, are charging a higher rate.

As a mortgage company, we deal with a lot of intermediaries (i.e. mortgage brokers), some who have been almost in tears as they just cannot get the deals any more.

Originally Posted by mattSV

This is what has stuffed the market a bit. 90% LTV used to be 'normal', and would get a good rate, these days there are far few lenders offering 90% - and those that are, are charging a higher rate.

As a mortgage company, we deal with a lot of intermediaries (i.e. mortgage brokers), some who have been almost in tears as they just cannot get the deals any more.

Agree there. Spoken to a couple of friends this week who are relatively young so had to borrow at 90-95% when they got their first mortgages and whose schemes have ended recently. They are now unable to get a new product as the maximum loan to value figures have been reduced. Their only saving grace is that the SVR is lower than any product rates.

I know of people who have got 10% deposit deals, but they're not great (although not terrible), and you do need to be in a reliable career.

[Biker Biggles]

Yes but------
One of the big reasons we are in such economic **** is that lenders did not insist on healthy LTVs and now have "toxic" losses on their books.A hefty deposit requirement may be a PIA but should be a regulatory requirement IMO.