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Is it possible (FTB)
digitalphase
Posts: 2,087 Forumite
Me and my OH are looking to get our first mortgage. We have a 10% deposit.
However I have a late payment marker from May last year and quite a few recent searches, I have £2.5k of debt.
My partner has excellent credit and about £10k of debt I think, but too much available credit, which he is going to sort out this week.
We earn 45k a year combined.
By the time we actually apply for the mortgage my searches should be zero in the last 3mths and so will my boyfriend's. My late payment marker is obviously over 6mths old now, so hoping that won't harm things too much.
Anyway, does anyone know whether it would be possible to get a mortgage based on our current details? We rent, but with our calculations a mortgage would not be that much more a month and we'd own our own house.
We have thought about paying debts off with the deposit and then saving for a few years, but seems silly when we're paying all that rent as well.
However I have a late payment marker from May last year and quite a few recent searches, I have £2.5k of debt.
My partner has excellent credit and about £10k of debt I think, but too much available credit, which he is going to sort out this week.
We earn 45k a year combined.
By the time we actually apply for the mortgage my searches should be zero in the last 3mths and so will my boyfriend's. My late payment marker is obviously over 6mths old now, so hoping that won't harm things too much.
Anyway, does anyone know whether it would be possible to get a mortgage based on our current details? We rent, but with our calculations a mortgage would not be that much more a month and we'd own our own house.
We have thought about paying debts off with the deposit and then saving for a few years, but seems silly when we're paying all that rent as well.
0
Comments
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You should be able to get a mortgage.
What is the property price you are looking at, so we can see what a 90% mortgage is?I am a Mortgage AdviserYou 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.0 -
We worked out last night my OH has around 20k debt actually, so will probably make a difference.
We were looking at houses around the 130k-140k mark, but think we're going to use the money to clear some debts, then save for a year and hopefully apply for a mortgage next year.0
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