Hoping to be approved for a mortgage...

lilian1977

Hi

I usually hang out on the Debt Free board but will hopefully reach my DFD in July - 18 months early! :T So, the next question is, how likely is it that myself and my OH will be approved for a mortgage? I say OH, we're engaged not married and hope to buy a house before getting married or having children.

Some background.

• I have been in the same job for 7 years and earn around £18,000 pa. My OH is on around £19000 plus bonuses.
• I (will hopefully) have no debt by the time we apply (barring a Student Loan that was taken out in 1995 so I have to earn well over £20000 before starting to pay it back). OH has a staff loan through the bank he works at for £10,000 at 6% pa.
• We have about £7000 saved at the moment but are not looking to buy until next year, by which time we hope to have £15,000. The houses we are looking at are currently priced at around £140,000.
• One point I'm unsure of - I have 2 defaults on my credit file, one which will drop off next year I think, the other I'm not sure about as I made the final payment a while after the default so not sure when the 6 years are counted from. I also seem to struggle to get credit although have recently been accepted for a Capital One credit card.
• Another question is whether we will be looked upon more favourably if we are married? That might be a weird question but I really have no idea!

Any advice would be really appreciated as I'd hate for us to be all excited about buying our first home together and then being turned down.

Thanks in advance xx

lilian1977

Sorry to bump - is anyone able to give me any advice?

maninthestreet

£15,000 savings will just about cover the deposit on a £140,000 property.
As far as I know, being married won't affect your chances of getting a mortgage.

lipstick

Hi you could write an explanation about why you defaulted on your credit this sometimes helps people get credit.