need advice !!!!!!

dave1980

Hi me and my partner currently rent with her sister this has suited us so far but we both want to buy our own place im concerned that as ive been in my overdraft for some time we may find it difficult to get a mortgage i currently earn £20,000 a year my partner £13,500 with loans rent insurance etc my outgoings are £650 approx and due to eing young and foolish id spend whatever money i had left. Now im getting my account in order slowly and really want to get that first step on the property ladder houses in our area that were looking at are priced at £100,000 - £120,000 any help or advice really welcome thanks peeps

Dave

Ian_W

Hi dave,
Sorry to sound a bit churlish but your post would be far easier to read and likely to get more replies with a tad more punctuation.;)
Based on your joint earnings you should be OK for a mortgage in the £100- £120K region but if you have any debts these will be taken into account by the lender in deciding what they'll let you borrow. Do you have a deposit? Although 100% mortgages are available they are more expensive as they are a greater risk for the lender so having a 5% deposit will be really helpful in saving you money. On top of that you need to budget for buying costs like a survey/valuation and solicitors fees which in total will probably be +/- £1500.
Best bet IMO would be to have a good read of the mortgage section of the site then approach a fee free whole of market broker.
BoL.