Hey there

Scottish widows currently offer a graduate mortgage. Thought it may be of some interest to you! As a first time buyer, many high street banks offer first time buyer mortgages that may be more competitive, however, its worth a look!
 
Here is the blurb from their website:

"Our Graduate Mortgage is available to all graduates of recognised UK
universities up to the age of 35. It lets you borrow 100% of the cost or
valuation of your property, whichever is lower – plus an extra 2% to use as you
choose. Rather than sticking to a rigid formula, each case is assessed individually –
giving you the best possible chance of having yours approved. And if you need to
borrow more than normal we’ll also consider guarantees from a close
relative.

• Flexible 102% mortgage
  
• No deposit required
  
• Guarantor facility for loans higher than normal
  
• Open to all graduates of recognised UK universities up to age of 35
  
• Up to £250 refund on cost of property valuation.
  

May be worth considering. Additionally, many lenders will take into consideration your age and your status as part of the loan process - this is because they are aware that you are at the start of your career and have the ability to make more money than you are now as your career develops.

I would recommend you get yourself an independent mortgage adviser - ask your parents, friends or work colleagues for recommendations - so you can have a good idea of what mortgage amounts, rates and repayment periods may be available to you. Additionally, if you have a good relationship with your bank, it may be worth speaking to them and see what they are able to offer you.

 Even before you get your mortgage, I'd recommend keeping an eye on the property market in your area so you can see what your budget should be so you can give the adviser an estimate of how much you'd ideally want to borrow. I'd also look out for any up and coming areas near to you - you may find a property more suited to your budget, albeit a little further away than you would preferably want it.

Best of luck and let us know how you get on!

 

hbroadbe,

Don't remember seeing anyone giving preferential rates for graduates :-). Most lenders will take into account bonuses that either of you receive so that is a plus. Obviously the more deposit you can save the better - get under 95% LTV and you will (hopefully) escape the dreaded higher lending charge, but also take into account you will need in the region of £4,000 for all the associated fees (solicitors, valuation, removals, etc).

Regards,

Adey

Hi,

 My boyfriend and I are both graduates and are currently saving for a deposit for our first house. I have seen many deals for first time buyers, but i was wondering if being graduates could help further? - If yes are there are lenders specialising in this?

Secondly, I have an income of 20k, my boyfriends is 16.5k plus around aprox 3.5k bonus p/a. Can we account for his bonus payments in our mortgage calculations, or can we only use basic pay when applying? 

We live in the south east and are looking for a 2 bed appartment, which we cant get for much less then 180k, so any advice on these queries would be much appreciated.