Help needed if poss-first time buyer

John221

Hi all,

just a bit of advice really, seen some good on here all ready.

I currently looking to buy a house/flat.

I have £6000 of credit card debts and i'm currently paying off at £400 per month to reduce them quicker. Is there a mortagage that i can add these debts to so i am paying a lump sum instead of two seperate debts?

Also for the last year my credit cards have been payed on time all the time but in the past they have been hit and miss, will this drastically affect my chance of a mortgage?

Thanks

UK007BullDog

First question yes, Second question yes, your poor payment history will reduce your chances of a very good High street bank rate and max loan amount as you might not be able to get a 100% mortgage.

I suggest you pull your credit record and take it with you when you visit a broker.

John221

I've pulled my credit record up with experian and its 944 out of 1000, is this an acceptable record for a good mortgage?

herbiesjp

What are the house prices you would like to look at?

What deposit do you have?
What is your gross annual income?
Do you have any other debts?

Your credit rating appears fine

MortgageMamma

Theres two or three lenders you could use. The deals differ quite a bit in fee's and rates, but based on your credit score there can't be too much wrong with your credit, so chances are you will fit with the better lender.

How much are you looking for? earnings? One of these lenders does not deduct credit card debts when working out your lending amount. Do you have any loans?

John221

the house prices im looking for are between 100000 - 120000.

My earnings are 20k p/a, my OH earns around 10k p/a and will be paying towards the motgage but i'd rather not involve as they have bad credit history, unless it wont make a difference.

I have no loans just the credit card debts (below)

John221

sorry i have a 2k deposit at the moment but looking to increase to 4k by this june when i look to purchase

herbiesjp

If your OH has bad credit hisotry, as you rightly say it may be worth while looking at the mortgage in your name only to keep the better rates.

I would suggest the £2-4k savings may go towards fees etc.

So in essence looking at a 100% mortgage.

You should be looking at the lower end of the price range if looking at your sole income, but it can indeed be achieved

Have you spoken to any brokers as yet? Have you had a look at Martin's guide?

John221

no i've not talked to anyone yet, or checked the guide.

Just seeking advice at the moment.

Was just slightly worried i was not going to be able to get a mortgage for the price range im looking at.