Mortgage advice UK ! ?

Me and my partner have been living in a housing association house for over ten years. We have the right to buy in our tenancy, we have looked at the discount we are able to get due to being full rent paying for so long. 

The value of the property once the discount is removed is around £120,000 to £125,000. 

What is the kinda deposit we would be looking at for a mortgage of this value ? 

Hope someone can help as I have no idea at all about mortgages and we are not in a position YET to make an appointment with a mortgage advisor. 

We both work so no issues there and currently building our credit records. 

I'm 33 partner 35. 

Be looking at a 20 year mortgage if possible. 

Thanks in advance. 

4 Answers

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  • Maxi
    Lv 7
    1 month ago

    All the advice is written so you can read it, with free advice about it all including mortgage advice https://www.gov.uk/right-to-buy-buying-your-counci...

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  • Tavy
    Lv 7
    1 month ago

    You need to get advice now from a mortgage advisor now, it's free and will give you an idea what to aim for.

    UK

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  • 1 month ago

    You need a deposit of at least 10% of the property value

    Assuming you have decent credit, you can borrow around 3 x your joint annual income. You may need a higher deposit if you can't get a high enough mortgage.

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  • Anonymous
    1 month ago

    The average mortgage deposit in the UK is 15%. 

    Are you really sure you want to buy property with someone you aren't married to?   That can cause a world of headache if the relationship goes south.   You won't have the benefit of a legal divorce to sort out what happens.

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