Advice would be appreciated

cosmic_girl

Hey folks,

Im hoping to purchase my first property later this year. Earn 34k, car payment (215) and loan which I intend to pay off prior to applying. I've got 3 credit cards with 0 balance. One I use every month and clear it off, the other two I don't really use any more as they are higher interest that my main one. I have an overdraft on my account but rarely use it. I'm going to be looking for properties in the region of up to 110k and have a 20k deposit saved, although am going to continue saving.

I know that the mortgage market can be difficult for FTB so just wondered if there is anything else that I can do to increase my chances of an acceptance.

Thanks in advance for any advice you may be able to offer

xx

Oh, ps. I have no missed payments or anything untoward on any of my files.

betmunch

Looks like a solid case to me. Just worth making sure you are on the Electoral roll

opinions4u

Try to tip the deposit over 20% or 25%.

ACG

Id agree, it all sounds in your favour.
Even with the debts its probably still possible, but it would make life a lot easier if they were cleared before hand.

rachelonna

Agree with everything said above. You'll be just fine I think. Don't forget to ask Agreement in Principle for around 2 lenders with best rate, and then you have a back up plan. There is no reason why the first one wouldn't lend, but wouldn't hurt. Also agree with the 25% deposit. For certain lenders like Natwest, 20% mortgage is the same as 15%, that is they don't have an 80% LTV offer, but a 85% LTV, but most definitely do 25% at very decent rates

Don't forget to budget for fees - legal, surveyor etc.

cosmic_girl

Thanks folks,
Ill keep saving for a bit more. Its all quite daunting, especially when you read about he number of people getting knocked back nowadays. Hopefully, it'll be quite straightforward.
Thanks again for the replays xx