first time buyers with debts

lindsey23

hi would like some advice me and my oh have £18000 in loans to which we pay £510 a month for 4 yrs, we earn £700 hundred a week between us, would we be able to get a £100,000 morgage with our outstanding debts?
Also what fees are there and roughly how much are they?
Any help would be great as we havent any family with experience thanks in advance

GMS

lindsey23 wrote: »

hi would like some advice me and my oh have £18000 in loans to which we pay £510 a month for 4 yrs, we earn £700 hundred a week between us, would we be able to get a £100,000 morgage with our outstanding debts?
Also what fees are there and roughly how much are they?
Any help would be great as we havent any family with experience thanks in advance

Try a few different lender websites and put your details into the affordability calculators.

Alternatively speak to a 'Whole of Market' broker.

Fees can be arrangement, broker, valuation, legals.

Arrangement fees go from zero to a percentage of loan, broker fees can be zero or charged, valuations can be free to several hundred, legals free to hundreds.

beecher2

How much deposit do you have saved up?

lindsey23

only £1000 at the moment we have only just started saving so i know we have alot to save yet! but we have moved in with parents so we can save fastershould have 10,000 by march(maybe wishful thinking though )

TrickyDicky

I would pay back your debts first, and then look into building a deposit. The debts are going to cost you more than the interest earned on the savings.

Plus, any mortgage assessor will subtract your debts from your available deposit to give a real deposit figure.