Mortgage advice please

lissa

Hi

I’m a first time buyer looking to buy a property with my partner (who is also an FTB). We wondered if anyone had any opinion on the likelihood of us being successful in a mortgage application in the current market.

We are looking at a property with sale price £150k against which we have c. £25k deposit (could find another couple of grand if we put off the purchase until September). We have a combined salary of £62k per annum although my partner has only just started his current job and was self employed prior to this (his current salary is £25k).

We have no outstanding credit and pay off our credit cards in full every month (no late or missed payments in the last couple of years). The only thing going against us is that one of us has 2 defaults (total amount £5k from Nov / Dec 2003); although these were fully settled in 2006 they still show up on credit reports.

The other consideration is that the property is a listed building that does need a considerable amount of renovation (we are getting full structural surveys!).

Given the info above, is it likely that we will have any success with a mortgage application? Also, does the fact that the property is listed and in a state of disrepair going to complicate the matter and limit or choice of lenders?