(Yet another!) FTB Query

devnull_2

Hello Everyone,

I thought i'd post my query here since this looks to be a very valuable site.

I'm a 25yr old FTB, looking to buy a house at approximately £100k

I have a deposit of £30k, so looking to borrow £70k - A quick hop onto a mortgage calculator makes that circa £480 a month, though I maybe wrong.

I earn £34k (£1900 per month hits my bank account after tax and pension), £0 on my credit card and a debt (unsecured loan) which I repay every month @ £169 (5 years remaining).

In this climate of mortgage lending, what is the likelihood of me getting an approval? I've carried out some budgeting for monthly outgoings and it seems workable, although I'm not sure the banks would see this.

Thank you for all your advise !

herbiesjp

devnull wrote: »

In this climate of mortgage lending, what is the likelihood of me getting an approval? I've carried out some budgeting for monthly outgoings and it seems workable, although I'm not sure the banks would see this.

Thank you for all your advise !

You should have no problem at all - assuming you have got a good credit history

devnull_2

Thanks - that's put my mind at rest.

With regards to the credit card, whilst I don't have anything on it, I do have an 8k limit (seems to have just gone up and up since i've had the card from when I was 18).

I have heard before that I should reduce my credit card limit as the banks might take a dim view of 'credit that might be available' to me. Should I amend the limit? I certainly don't need to use anywhere near the 8k.

Thank you