More First Time Buyers

essexdave_2

Hello all,

Myself & my fiance are looking to get our first house together sometime this year but neither of us know what our chances are at getting a mortgage.
We're both in full time employment & have a joint income of around £39k.

Firstly I owe £3k on a Lloyds TSB loan but I have enough saved up to make an overpayment to settle the loan early so we have more income each month. I've had the loan for quite a few years but would rather it be paid off before we start talking to an advisor.
Now is this a good idea to have it paid off early before we see an advisor?

Deposit wise we have what I'd consider quite a large amount, almost 40k (I was left it in a will) Is this what banks consider enough of a deposit?

I've so so many more questions but will hold back on them!!

josievg

From the very limited info in your post it sounds like you should be in a good position.

What price properties are you looking at?

You should get your three credit reports and check them over for any late or missed payments (or anything that's on there that you are not aware of or even in error).

Do you have any other credit commitments apart from the loan?

essexdave_2

We're looking at houses around the 200k mark.

I don't have any other credit commitment apart from I pay my car insurance monthly!

I recently went into Lloyds to change my current account to a joint account, the guy we saw in there made a comment about my credit rating being very good, but I think I'll still have a look at an indepantant credit check!