More help with FTB, deposits and Credit Ratings!

Son_of_a_beesting

Hi

I am after some advice, but first some details.

I am 30 and married to a 25 year old.

I earn 38,130 and she 20,500

I have been with the same company for about 4 years and she about the same.

We have saved £20,000 and my parents are going to give us £15,000 (they are happy to sign anything to say this is a gift and they have have no say on the house etc)

We have no outstanding loans (although I have had a few loans in my life which I repaid in full with no missed payments)

We have no CCJ etc.

She is Spanish and has lived in the UK for about 8 years.

We are both on the electoral register

We are looking to spend around £200,000. So we have 15% deposit and then enough money for fees.

Is this a doable amount to mortgage?

My wife never had a credit card or loans before so she does not have a good credit rating. Saying that she now has a phone contract and a credit card which she puts a few hundred pounds on a month and they pays off in full each month.

She has had both of these for about 3 months. Is that long enough to build up enough credit rating to apply for a mortgage?

I was looking at brokers, but the research I have done seems to show the PO to be best for me and these are not available to brokers.

I am trying to limit credit searches on our accounts so I want to do it right the first time.

Thanks for any advice.

GMS

If you think the Post Office is the best deal then check their criteria thoroughly to make sure.

No harm in visiting a 'Whole of Market' broker too. There may be other lenders for you. Look beyond rates. Look at up front costs etc. Often a slightly higher rate offers incentives such as free valuations and legals which may reduce the overall costs.

Credit Scoring is at the lenders parameters. You have steady incomes which will help.

A 30 minute chat with a broker should be enough to let you know if the Post Office deal can be beaten.

Son_of_a_beesting

Thank you GMS

I will check with a broker as well, I hear good things about London and Country.

I have just got a pay rise, will they want to see a few months payslips showing the new pay or will the letter I got from my company show it was not just a one off?

Thank you

Yorkie1

Don't know about Post Office, but a letter from my employer confirming my pay rise was sufficient for Nationwide to base their decision on.