FTB advice

agtcooper

Hi,

Basically I'm after some advice on Ftb mortgages and likelihood of acceptance, deposit amount, etc.

Our situation is this, both in full time employment, I earn 50k, partner £40k plus some bonuses. Partner had a default 2 years ago of about £700 which was paid immediately and settled(stupidly didn't update address records so wasn't aware, but the reason makes no difference I'm sure). Other than that he has no other debt and one credit card which is paid off fully every month.

I have no adverse credit although I do have a reasonably large amount of debt, about 30k secured training loan with fixed monthly repayments(£775) and a car on PCP(£275) with about 14k remaining, and two high limit credit cards although zero balance.

My question is what sort of deposit % should we be aiming for, and assuming we have the deposit, what is the likelihood of actually getting a mortgage at all?

Thanks in anticipation.

BlueC

You should be aiming for 35% deposit. You will need at least 10% absolute minimum... maybe more because of your existing debt. Out of interest, what is the £30k loan secured on?

I'd say the likelihood of you getting a mortgage is very high; you just might not be eligible for the very best mortgages and rates (First Direct, etc) due to your partner's default and your own existing debt. And the lower the deposit you have, the lower these chances become, and the worse the mortgage deal you will be able to get.

agtcooper

Hi, thanks for the reply, the loan is secured with a charge on my parents house, I took a major career change and had to take out a huge loan with HSBC to pay for the training, I've been paying it for about 5 years now, and luckily for me the rate was linked to base rate so have managed to shave a few years off the term.