My first port of call was the local mortgage advisor, to whom I explained that I was going to be looking at a 100% mortgage. I talked him through the obvious; my £20K worth of debt from university, not having won the lottery last night and not earning anywhere near £100K per annum. I told him what I was after and he baffled me with a wave of options and then explained how much I would be paying back a month if I didn’t put down a deposit. He practically laughed me out of the office.
Not wanting to let a couple of hundred grand get in the way of my dreams I, like apparently 40% of first-time buyers, enlisted the help of my family.
“Dear mum, can I borrow £20K”. Mum rather shocked by such a question had to be sat down and have today’s property market explained.
There is literally no way that I could afford to do it without ‘a little help from my friends’ as the first-time buyer now looks to spend on average £170K to get a foot hold on the property ladder.
There has been talk of a fall in house prices but with income above average and lenders prepared to offer up to five times your salary, the chances of this are slim to none, so I am left convinced that I will never make that leap from rented accommodation to ‘woman of property’ without some help.
Mortgages are hard enough to get your head around for first-time buyers without someone laughing at your finances and or trying to flog you something that isn’t right for you because they get some commission on it. I had all but given up when I stumbled across ClicknGo Mortgages (http://www.clickngomortgages.co.uk). They do exactly what they say, and they won’t laugh at you. You just fill in the form and let them do the rest. They have access to several different types of first-time buyer mortgages https://www.clickngomortgages.co.uk/
I am still renting, but at least I now know what is out there and what is going to be right for me. In the meantime I am going to wait to see what the next few months bring to the market and start saving some pennies.