First Time Buyer (and poster!)

FTB91

Hello, been advised by a friend to come here for some advise on mortgages!

Myself (21) and my partner (23) are getting married next month and we are looking at purchasing our first house and getting out of rented.

The situation is where it gets complicated as i don't know if we would be entitled to a high street mortgage and we are looking for advise as where to start.

I am a full time student at university and also work 30 hours per week and earn 10,000. I also have a fairly good credit rating except for a £ 300 student overdraft which i am in and out of but this can be stopped no problem.

I have also recently inherited £30,000 from my father who recently died, which we would be using £20,000 as a deposit and the other £10,000 for any fees and work which needs doing.

My partner works full time and earns 16500pa and around 4000 in commission each year. (i am not sure if they take this into account?)
However he does have one default from a £500 student credit card from 2 years ago which has been paid back and currently a 1200 student over draft which we are paying back. He also has a couple of late payments with o2 from 18 months ago.

Our aim is once we are married finish off paying his overdraft off and after christmas apply for a mortgage for a house of £120,000 (100,000 mortgage, 20,000 deposit).

Is it likely or not that we could get a high street mortgage? would it be advisable we see a broker for some advise of what we could and couldn't get? and how much would this cost?

Sorry for all the questions just we are both young and have tried to do as much research as possible but it still is confusing! and our parents believe its like how it was 30 years ago and we will have no problem, we however are not convinced!!!

GMS

The default will mean many lenders would decline the application.

Have a chat with a broker to see the best way forward.

Increasing the deposit to 20% may well help.

ACG

Affordability wise shouldnt be a problem.
Deposit wise, it makes it easier if you have 20% but i think at 15% plus there will probably still be options.

I think you should speak to a broker, there might be high street lenders but i imagine this might be one for a building society somewhere rather than a bank.

FTB91

Thanks for your advise, it seems positive and 20% should be no problem! Is there anyway we can speak to a mortgage adviser with copies of our credit rating to see what advise and products they think would be suitable without actually being committed to go with one? And what kind of price should we expect to pay? Also if anyone could recommend anyone in Manchester I would really appreciate it as its all new to me!