# 1st time home buyer



## sean20 (Jan 17, 2011)

hi all im 21 and lately iv been thinking about getting on to the property market. im in no rush but i think it would be better for me to get on to it sooner rather than later. 

the thing is i think i would rather buy a property to do up and sell on or buy to let out before i actially buy for me to move into.
i work for a property development company so i can do most of the work myself and i know what to look for when viewing property.

the problem that iv got is a mortgage. i havnt tried for one but would like some advice. iv never had a loan or been in debt, im self employed but constantly subcontract to one company and my pay gose strayt in to my bank every week, my pay is £300 a week.

the houses iv seen are going for £40k and need bout £15-20k spent on them but when done tidy are going for £70k+

how do i go about getting a mortgage? and do you think its possible to get one at my age in this climate 

thanks


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## Lee.GTi180 (Apr 28, 2010)

I'm 21 and have just bought my first house in South Wales so yes it is possible. From submission of forms to valuation and offering of mortgage took a week and a day. Problem you may have is being self employed. By no means will it stop you but it is a complication. We used a mortgage adviser and they have been FANTASTIC! They haven't had a penny from us and have been available to chat to regardless of time and day (Mrs rang them at 8pm on a Sunday and they spent over an hour running through things with her). 

Best thing you could do is ring them and talk them through what you want/need. 

Once again I cannot recommend these people enough, pm me if you want their details.


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## possul (Nov 14, 2008)

x2 for mortgage advisor, my application has just been accepted so house hunting in january, he was dead helpful and explained everything i was unsure of, felt quite personal if you know what i mean. 
im 23 but have only got my act together since having a baby, i could have done it at 21 though so go for it


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## sean20 (Jan 17, 2011)

cheers mate il pm you now


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## Lee.GTi180 (Apr 28, 2010)

No worries, replied.


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## shine247 (Mar 1, 2010)

sean20 said:


> hi all im 21 and lately iv been thinking about getting on to the property market. im in no rush but i think it would be better for me to get on to it sooner rather than later.
> 
> iv never had a loan or been in debt, im self employed but constantly subcontract to one company and my pay gose strayt in to my bank every week, my pay is £300 a week.
> 
> thanks


A mortgage lender looks at several things before offering a mortgage.

One of the first things is reliability and stability of income. With you being self employed they will want to know what your "net profit" is. That is generally a term used for companies but it gives the best example.
It is fine to receive a set amount each week but is that what you declare on your tax return. Many s/emp people put everthing they can down as costs to reduce tax. They then complain because they cannot borrow enough as their tax return shows too little. You wll most likely need to provide 2/3 years accounts or at least tax returns and SA302's to show your income is consistent.

After that, affordability is assessed. On your side you have no debts eating into disposable income but against you sound like you have no credit which is not always a good thing. For example, having a credit card and paying in full reflects well. They will look at the repayment source, capital repayment or interest only. If interest only what is the repayment vehicle?
On a higher loan to value, they are less likely to accept interest only.

These are some of the basics, a good mortgage advisor will know some of the less stringent lenders but the days of self cert mortgages are a thing of the past.

Just a few things for you to consider.


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## WP-UK (Apr 24, 2011)

As mentioned it is probably best to get in contact with a financial advisor. Some estate agents have independent financial advisors in branch who can assist you with any queries you have so may be worth asking them.


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## bigslippy (Sep 19, 2010)

You want to get in touch with a whole of market mortgage broker ( preferably one that charges no fees ) , no 2 lenders have the same lending criteria so they will be able to source the most suitable mortgage for you based on your given circumstances and requirements.


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## michael3011 (Nov 27, 2011)

I work with a mortgage advisor - some belting deals I see her offering at the moment (just remortgaged one of my clients - saved them £240 per month than what she was on with Santander!!!

Gimme a PM and I will pass her contact details on to you 

She can do it over the phone


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## lofty (Jun 19, 2007)

You would stand a good chance of getting a mortgage if you where buying the house to live in,I think you may struggle if you tell the lender you are developing, you will need a decent deposit plus the cash to do the work.If you dont live in the house before selling it on you will have to pay tax on some of the profit.


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## ant_s (Jan 29, 2009)

Well good luck for you. Me and my gf have just brought our first house. I'm self-employed and sub direct to a company and have done for 3 years, we went to a broker to find our deal which I would recommend as others have said, without him I don't think we would have done it.

I had to show 2 years books to prove I could repay, my first year was dire so made it harder, but by having a 15% deposit that helped, but when we asked about a mortgage on a propery to develop we had no chance - saying that the property prices are higher here so you may have a better chance.

If you want to ask any questions mate you can pm me, I'll help as much as I can.


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