Advice for First Time Buyer Please

Legacy_user

Hi,

I'm currently renting and my landlord has asked if I would like to buy my house.

I've never had a mortgage before so I'm not sure even where to start.

My Salary is £29,200 per year.

I currently have credit card debt of £6k which I can pay off (my dad has offered to pay this so I don't have debt and a mortgage).

I also have a student loan which is deducted from Salary by HMRC.

Questions

Will my credit cards affect my chances of getting a mortgage - even if they are zero balance?

Will my student loan affect my chances of getting a mortgage?

I have been on equifax and my credit score is 526 and classed as excellent. I am up to date with payments on all credit accounts and have only 2 missed payments on my file which were to my Littlewoods account in July and November 2008.

I am on the electoral roll at my house and have been here since Jan 2009.

I was on the electoral roll at my previous addresses.

Any help / advice / comments please would be appreciated!

thanks

josievg

What's the value of the house you want to purchase?

How much deposit do you have?

herbiesjp

The answer about the debts, is they will reduce your maximum mortgage potential.

However, whether or not that will be a problem will depend on the figures asked for above.

System

Hi,

thank you for your replies.

The value of the property is £140,000.

I personally have no deposit but my OH will put that down - I think about £25k.

I would then need a mortgage for £115k.

My credit cards will be paid off by mid November.

herbiesjp

You should be fine - although you have not put your OH's income.