First time buyer advice

Edge264

Hi,

My partner and I are about to buy our first house together. Things have moved faster than expected and I'm a bit concerned about getting a mortgage. We have 30k of savings and she has no debt, but I have 5k left on a loan (finishing next year) and a further 6k on a credit card.

I have a fair credit rating from credit expert at 860 points. I noticed last month that I wasn't on the electoral roll, but after phoning my council they assured me that I was!

The houses she's looking at are in the 200-220k range, which would mean we'd need a 90% LTV mortgage. So the question I'm really asking is if it would be a problem getting a mortgage with this information?

I'm on 33k and she's on 36k.

Thanks in advance!

Lokolo

90% are very expensive. If you can get to 85% (effectively you have as you have £30k and if you buy at £200k you have 85%) then it will be a lot cheaper.

Edge264

85% was our initial plan. But recently one of her friends just bought a house at 230k with a 10% deposit, leaving them with extra funds to furnish. However, as I pointed out, it also means paying an extra 7k over the first 3 years! In my mind 15% deposit is a no brainer, but after she started looking at furnishings she's talked herself into 10%. Plus if we end up finding a place quickly with no chain we'd have to dip into that 30k (31k at that end of the month) for buying fees, stamp duty:mad: etc. Longer the wait the more we can save for fees and furnishings but you never know what will happen.

Thanks.