FTB mortgage...

daydreambeliever123

So my partner and I are ready to start house hunting...we've already seen several we like...and I'm just now wondering what our chances are of being accepted for a mortgage.

My partner earns 21,000 pa and I earn 18,000 pa.

We both have good credit history, no late payments, defaults, arrears etc.

Partner has 1 cc that is paid off and he has no monthly direct debits - not even a phone bill...I however have 3,500 outstanding on a personal loan, repayment of £125 a month. I do have 2 credit cards, both of which have a 0 balance however and the only other direct debits I have leaving my account are my phone bill and AA membership which amount to £30 a month roughly...

We have £15000 to put down as a deposit and are looking to spend £120-125,000 on a house in our area.

Can anyone shed any light on our chances of being accepted for a mortgage, taking into account my outstanding loan??

harvey115

Seems simple and straight forward.

Try adding these details to some of the borrowing calculators on lenders website i.e. Halifax, Barclays, Nationwide, HSBC etc. You will get the idea of how much you can borrow.

As a rule of thumb you can expect to get somewhere along the lines of 4 times your salaries. So from the numbers you posted, you can possibly borrow £152,000.