Chances of getting FTB mortgage

bhughes1986

Hi all, my first post here.

I am looking at buying a house (76k value), and have £8.5k to put down as deposit. I am buying the house alone.

With a salary of £27k (plus £5k for living abroad), am I likely to be approved for the mortgage of £65.5k?

My outoings are £160/month on a loan, and I owe about £3k on a c/card which is being paid off gradually (making well above minimum payments).

I don't really have any outgoings as I live abroad, and I have a score of 999 on experian and have never missed any loan/finance repayments. I am registered on the electoral roll in the UK.

I have sold my car and got rid of one of my c/cards in preperation for this, which has drastically reduced my outgoings.

Any advice/opinions?

Thrugelmir

Clear your loan and credit cards as this will impact affordability for the mortgage.

As you live abroad, do you commute to the UK to work?

bhughes1986

Thanks for your reply. I am in the process of paying them off, I have the loan setup so that it is a very affordable figure each month.

I live and work overseas, so approx £700 of my wages goes to my bank account there, the rest (approx 1300) is coming home and doing nothing apart from paying the bills mentioned above. My real aim is to get onto the housing ladder and as this house has come up (and it is relatively cheap), I am looking to buy it.

I presume that both the credit score and affordability are taken into account? I am slightly nervous about applying for the mortgage as if I get to that stage and it is turned down then the whole thing may fall thorugh.

DermotFlanigan

Why dont you pay of the credit card in full? You will still have 5.5k left.

You can then save your deposit back up easier..

Thrugelmir

Do you intend letting the property?

bhughes1986

Hi, to be honest with the situation I'm in, the £8500 has to be used as a deposit.

I'm due to return to the UK in the not too distant future, so don't intend renting the property long term. Maybe the odd weekend (it's in a holiday home type of area). Plus a first time buyer mortgage means I won't be able to let out long term (as far as I'm aware).

The mortgage quotes I'm getting are saying I can borrow £76-102k, this is taking my current borrowing into account, so hopefully these are accurate and I'll be able to progress. Well I've had an offer accepted so all my fingers are crossed :L