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First Time Buyer looking to get a mortgage

kells1232002
kells1232002 Posts: 62 Forumite
in Mortgages & endowments
Hello

Following on from my post earlier today..

Does anyone have any expereince recently off being accepted for a Mortgage while still having outstanding debt else where.

I currently have a car loan of £359 a month, a £2000 overdraft which is constantly in use and a £1000 on a credit card which is shortly going to be cleared.

I am going through the process of applying for a part buy part rent scheme and wondering how successful my mortgage application will be.

I only require a mortgage of £25500 as I have a 20% deposit.

Please let me know of anyone that has been through the mortgage process with outstanding debt...

Many thanks

Comments

  • OMAR
    OMAR Posts: 701 Forumite
    Any more details...income? outgoings? value of house? etc etc
  • Mrs_Bumble
    Mrs_Bumble Posts: 1,028 Forumite
    Your loan deducts 4308 a year from any income you earn. so as long as the remainder is enough to cover what you are looking to borrow. The scheme also requires that your remaining income covers the rent as well so has that been assessed for affordability?

    Is there any adverse credit history at all?
    I am a Mortgage Adviser

    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • kells1232002
    kells1232002 Posts: 62 Forumite
    My take home is £1500. My loan is £359 a month. I currently pay minimum payment on my credit card, therefore I am going to clear that soon.

    The property I am looking at is part buy part rent at a 25% share. The value of the property is £127500 and therefore my share would be £31875. I have a 20% deposit for this.

    I have never missed a payment on my loan or credit card. Although I have been over my overdraft limit once this year and I do max it out every month in the authorised limit.

    Just wondered if anyone else had any success rates with debt and applying for a mortgage?
  • kells1232002
    kells1232002 Posts: 62 Forumite
    And forgot to say my credit score is 878.
  • Mrs_Bumble
    Mrs_Bumble Posts: 1,028 Forumite
    What will the rent be?

    Have you looked at all the figures yourself? Been through a monthly budget planner? put all your costs in, mortgage, rent, car loan, council tax, water rates, gas/electric, car, telephone, food, clothes, christmas, birthdays, house maintenance, etc, etc the list is endless do you think that you are going to have much left at the end of the month?

    Have you checked out the mortgage calculators to see what you would be paying?
    I am a Mortgage Adviser

    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • kells1232002
    kells1232002 Posts: 62 Forumite
    Yes I have done that today. I had to prepare a monthly budget to hand in on my interview with the housing association on Thursday.

    My friend will also be living with me in the second bedroom and paying towards rent and bills.

    I am just more worried whether I will be allowed a mortgage because of how much credit I already have...
This discussion has been closed.
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