Help and advice please for first time buyers

stm2604

Hi

sorry if this doesn't read well as Im on my phone.

Basically i would like a bit of advice please for me and my girlfriend. We will be looking to buy a house in the not too distant future. Probably end of the year start of next.

We would have between 10 and 13 thousand deposit and incomes of 22k for her as she will be starting as a staff nurse soon. Mine is a grey area as i am starting full time education in September so my income will be around 11k purely from working which won't include any grants or student loans. I am unsure how this would be looked at from a mortgage point of view? Although i will be getting some kind of student loan and grant.

Financially, between us we both have excellent credit records as far as i know, no adverse credit etc. My score was 970 last time i checked. Our unsecured debt is, a loan of 7k unsecured, and around 1000 on credit cards. Our repayments between us are around 250 a month. Again i am not sure how this is looked at.

The house price we will be going for would be around 100-130k. We live in an area with low house prices.

Do we have a chance of getting a mortgage? Thanks for any advice.

CloudCuckooLand

A chance? Yes.

£33k income, should be able to get £99k-ish, add your deposit and you get to £109k - leaving £3k for fees/costs.

Try some online calculators, but they can vary quite a bit, as they treat outgoings differently at different lenders.

Eliminate some debts, as lenders will reduce the affordability calculation. £250 a month is quite a chunk to adjust by...

Get your credit records fully checked out, to be sure. Don't rely on the score. Make sure you are on the electoral roll.

stm2604

Hi, thanks for the reply. We are both on the electoral role since we were 18. The loan is a fixed amount of 200 a month so not sure how we could get that reduced now. What sort of calculators do you mean?

CloudCuckooLand

stm2604 wrote: »

What sort of calculators do you mean?

Well, this is the Mortgage section, and a question about mortgages...

http://lmgtfy.com/?q=mortgage+calculator

Most lenders have one...perhaps start with your current bank.