Acceptance likelihood?

StoneColdMarkyG

Hi MSE folks,

I've heard many stories, and there are also plentiful threads of woe on these forums too, regarding the difficulty in obtaining mortgages in the present climate.

So, just as a rough guide for myself to try and prevent any future heartache, how likely am I to be accepted in the circumstance below?

Fully employed. 35 years old. Sole application. No history of bad credit. Earn £21k a year. I will be looking to borrow £55k. £48k of which is for the property, the rest is to pay off my car loan, furnish the new property*.

Edit: Also, not a first time buyer. Looking to have a deposit of £10k - £13k depending on how my own sale goes.

So, how likely?

*Can you do this? Use the borrowed amount for other things I mean?

Thanks

SCMG

Bexm

As far as I know you can now only get 95% mortgages at the most.. you used to be able to get 125% to help you furnish and stuff ..!
They won't allow you to borrow any extra to furnish, but if the property is only worth £48K then you could possibly put down 5% of that from your 10,000 and use the rest to furnish it?

Check out nationwide.. they still do 95% mortgages.

Bex