Mortgage Problem

I have saved a lot of money during my youth and now looking to buy a property with my girlfriend which we're really looking forward too. However the only stumbling block is the mortgage we haven't got a clue about how to apply for one. Has anyone got any advice for us?

This could occupy an entire book. I'd advise as a starting point you read Martin Lewis' guide which you can find here. It's excellent, and answers most of the questions you'll have.

Briefly, you need to pay down all unsecured lending (if possible), not be in your overdraft and make sure your credit file is tip top. The amount you can borrow can be estimated accurately using free calculators which you can find on any bank's website, and you need to set aside money for moving costs, solicitor's fees and possibly stamp duty in addition the deposot.

1. Go on a few online mortgage calculators and put in your values for deposit, earnings, value of property etc. to see what you might be loaned and what monthly repayments might be.

https://www.moneysavingexpert.com/mortgages/mortgage-rate-calculator/
https://www.moneysavingexpert.com/mortgages/how-much-mortgage-borrowing/

2. Once you have some ideas, look up mortgage deals on some comparison websites. Some are specifically for first-time buyers, certain % of property value, length of term etc.

3. Once you have found a deal that looks good, phone up or book an appointment with the lender to ask any more questions and once you're happy buy the mortgage.

General advice: I have found mortgage advisors to be extremely unhelpful. I could learn more after 5 min online than after an hour of talking. Talking with a bank / building society person is fine once you know you like the deal they are offering.

There are lots of choices - fixed rate, variable rate, how much deposit to put down, repayment vs interest only etc. Be careful about stretching yourselves and remember if you lose a source of income, how are you going to pay your repayments? But also remember that if you are young there is a good chance your salary will grow.

Having mortgage makes you less flexible e.g. to move city if you get married or change job etc. There are extra costs involved in moving e.g. solicitor's and estate agent fees. But at the end of the term you have a big asset so it is worth it in the long run.

Are you planning the mortgage in one of your names or both? If in both remember she is entitled to half the value e.g. if you break up.