Confused ftb

Ftb

Hi,

Have been reading the forums for a while now hoping to clear up some of the confusion associated with buying for the first time.

My question relates to the feasibility of me getting a mortgage where I am looking the average 1 bed flat is 150,000 I have 10% deposit + fees saved. A good credit rating I think with the exception of 1 late payment on a settled cc in 2008. Earning approx £28000 ex monthly bonus. And no debts

Would I be likely to be approved a mortgage given the above? What if anything can I do to improve chances?

Thanks for all your help.

D

powerwin

By my calculations you are looking for a loan of 4.82 times salary.

These days, lenders assess by affordability, so they will look at your outgoings to assess how easily they think you can afford a mortgage.

I'd say you might be able to get a mortgage from some, but others might say no. Currently, many lenders would want a larger deposit than 10%.

Rgds

Ftb

Thanks for the speedy reply powerwin how much more deposit would I need? If we are talking 20%, I couldn't face the wait.

powerwin

Some might require 15%. Obviously the more your deposit the better the deal you can drive.

You can phone lenders and ask them to give you an idea of whether they would lend to you, just say you don't want them to run a credit check at this stage. That will tell you the kind of criteria each lender has. e.g. HSBC is very fussy, so is First Direct etc etc.

Rgds