what are our chances? - help!

franoli13

Hi
Me and my fiancee are going to see a financial advisor in a few weeks (so I know these questions will be answered but I just wondered now!) to talk about getting a mortgage ..at last!
I have had a serious amount of debt that I got when I was younger and I have been trying to pay it off BEFORE getting a mortgage but I have now realised that will take me forever because of the joy of interest! I have a loan that ends next september which is £250 a month and I think I may as well keep that on as it is nearly over! however that leaves about 14k that needs to be paid off. (i was so stupid!)
I have checked my credit rating at it is classed as excellent so surely that is a good sign? my OH parents will be giving us money towards the house (we dont know how much yet) but there is no way we can use that to pay off my debt as they would not be happy. so we will have a deposit (hopefully about 10k) but I am thinking we will have to get about a 125% mortgage for my debt?? what do people think?
my OH has no financial difficulty so its just me!
he earns about £26500 a year and I am on about £19400. The average house price for a 2 bed is 200k where we live...........what are the chances of us to being about to do that?
I am so worried i will come out of meeting with finanical bloke and be a state! i soooo badly need to move out of home!!
sorry for my rambling!!

asandwhen

franoli13 wrote: »

Hi
Me and my fiancee are going to see a financial advisor in a few weeks (so I know these questions will be answered but I just wondered now!) to talk about getting a mortgage ..at last!
I have had a serious amount of debt that I got when I was younger and I have been trying to pay it off BEFORE getting a mortgage but I have now realised that will take me forever because of the joy of interest! I have a loan that ends next september which is £250 a month and I think I may as well keep that on as it is nearly over! however that leaves about 14k that needs to be paid off. (i was so stupid!)
I have checked my credit rating at it is classed as excellent so surely that is a good sign? my OH parents will be giving us money towards the house (we dont know how much yet) but there is no way we can use that to pay off my debt as they would not be happy. so we will have a deposit (hopefully about 10k) but I am thinking we will have to get about a 125% mortgage for my debt?? what do people think?
my OH has no financial difficulty so its just me!
he earns about £26500 a year and I am on about £19400. The average house price for a 2 bed is 200k where we live...........what are the chances of us to being about to do that?
I am so worried i will come out of meeting with finanical bloke and be a state! i soooo badly need to move out of home!!
sorry for my rambling!!

Sounds ok - have you thought of getting a cashback mortgage instead of 125% - for a mortgage of £190,000 the cashback with chelsea would be £11400 at a rate of 6.74%.

MortgageMamma

You should be ok if your credit rating is excellent, but do remember its not just about the amount you can borrow - its about how much you can afford to pay eachmonth! Make sure you are very certain you can afford to borrow this amount

MM

franoli13

we have worked out that we can afford around £1600 a month between us for mortgage and bills.....
i am worried about how much we will be able to get because some of the online calculators only say about 150k but hopefully the advisor will find one that can give us more!

franoli13

thanks for advise about cashback mortgages that sounds interesting!