Wife on DMP looking for advice and Mortage brokers in Aylesbury/Wycombe

Cheesedoodles

Hello,

I've been lurking on this forum for a long time but only just registered...perhaps I should be more active. I've learnt a lot from these forums.

Anyway. My wife and I are wanting to buy a house so we are looking for a mortgage broker in the Aylesbury/Wycombe area. Does anyone know of a whole market free broker?

We are currently in rented accomodation and a mortgage would be a lot cheaper than what we pay in rent. In addition, we are expecting a baby and would like to have a house sorted by then (6 months left). We've lived in rented accomodation for a long time and it's not always that stable since we can be kicked out any time. We've already moved 3 times in 2 years since the landlord either wanted to sell his house or rent it out to family members. With a baby on the way we would like our own place.

I earn £40k and have a squeeky clean credit record although I have £700 per month of debt.... Majority of this will be paid off in the next year and the rest the year after.

My wife earns £22k but she is on a DMP for 1 1/2 years now....Her payment is £260 per month and since she's been on the DMP she's never missed a payment.

Our parents have been very kind to us and will loan us the 25% deposit we need. As you can understand, this has to be used for the deposit, not to pay off our debt.

We do need to speak to a morgage broker, but do you think we stand a chance of getting a mortgage? I know we might not get the best rates, but we aren't exactly sub prime. I think we'll be looking at a interest only mortgage to begin with and when our debts are completly paid off we will remortgage to a repayment.

So...any chance for us at all?

_Andy_

Couple of concerns - possible scoring issues with the number of moves, secondly affordability for yourself given the high outgoing.
How much is it you're actually wanting to borrow?

Cheesedoodles

_Andy_ wrote: »

Couple of concerns - possible scoring issues with the number of moves, secondly affordability for yourself given the high outgoing.
How much is it you're actually wanting to borrow?

We're looking for a house around £250k, so we would borrow £187.5 (LTV 75%). Parents will also help with stamp duty and other fees.

In terms of moving we've lived 1 year in the place we are now, and the previous place we lived in for 3 years. The 3 moves in 2 years was about 5 years ago.

I've entered all our details including debt on various calculators, including moneysupermarket and they all come up with a result. Of course, I know this is just a example and not an actual offer.

What concerns me is my wife being on a DMP.

Would they not also take into account that I next year (march) will have paid off most of my debt. After that I only have £200 to pay per month? Also, mortgage would actually be cheaper than rent...