Chances of getting a mortgage?

planningforthefuture

Hi all,

Long time lurker - first time poster

Question:

Me - 12 month contract £25000

OH - In post over 5 years £12000 basic and £12000 commission (not guaranteed). Take home pay for OH is about £24/25000 per annum consistently.

Deposit - £20,000

No debts. No adverse credit.

Are we likely/unlikely to get approved for an 80% LTV mortgage (with decent interest rates)?

I'm scared of applying

Thanks in advance

herbiesjp

What mortgage amount are you looking for?

Is that your first contract, or has it been renewed previously?

planningforthefuture

Thanks for your reply. Looking at houses between £100,000 to £120,000. Would increase the deposit to still make it 80% LTV though.

It is my first contract with this company. This has followed on from 12 months with the same company as an agency worker.

herbiesjp

You should have options open to you.

As usual it will depend on the finer points of your application to make sure you fit lending criteria with the chosen lender.

Ideally you should do all the ground with an adviser first, to make sure you can indeed get a mortgage, before putting in any offers on properties.