single £17,500 a year £7,000dep can it be done?

buy_my_cookies

hi,

I will try to make this short.

Me and my girlfriend of 4 years have been looking for a house (we both lived with parents) over the last 3 months. she had £23,000 of savings and earns 15,000 a year. And i had £7,000 and earn £17,500 a year. we had seen a brooker to get an idea of what we could afford etc and was looking around £140,000. All was going well untill out of the blue she decided she doesnt want to be with me and has left.

long story short im 28 and still want to move out.
I had a few over my overdraft charges and missed 2 or 3 credit card payments but this was about 5 years ago now since then ive been fine (been into my agreed overdraft about 4 times in the last 4 years does this count as bad?).

Could I feasibly get a mortgage? how much could I get? There are places around me for about £70,000 could I afford this? Any one able to tell me what a £60,000 mortgage might cost me a month routhly?

thanks,

SilentBob

I believe that the Halifax offers 5x income multiples on their "new buy" (5% deposit) scheme....therefore you could feasibly borrow £87500 but only against a new build

buy_my_cookies

Thanks for info will keep an eye out but not many new builds around atm.

I know you cant give a true answer with out a lot more details but any idea what the monthly repayments would be if i could borrow what i needed?

also does going into your authorised over draft affect your credit rating?
thanks,

ACG

Over 25 years it would cost around £350-400 per month.

10% deposit should be ok. Your income should also be fine to support the mortgage.

buy_my_cookies

Thanks, I'm saving around 700-800 a month so trying to up deposit as much as i can.

Any idea on the question below?
Also does going into your authorised over draft affect your credit rating?