Minimum requirements for 1st mortgage

housewanted44

Looking for some advice on putting in our 1st offer on a house. We would of both been in full time employment for 2 years next month. Is this enough time to even be considered for a mortgage? Age of 21 and 22.

Secondly joint income is around the 30k mark. And I am looking at a £80 000 house with a 10% deposit I see no real point in offering more because repayments are quite affordable anyway. However if it was to fail or people think we would not be successful off that we could increase to the 15% mark. But would 10% on £80000 with our joint income be quite easy to achieve?

Hopefully some people can piece all these together and give the best advice, as I don't want to waste time and might need to restructure the targets I have.

Thanks
John

opinions4u

Income and time in employment is fine.

Deposit is ok, although 15% gives access to better deals.

Do you have any history of missed loan payments or late mobile phone contract payments?

housewanted44

The 15% will be fine to offer. The only credit myself or partner have had is cards, I have 2 credit cards, partner has 1. No issues with these except for a late payment on my partners card, but again just the once and this was about 2 years ago. Would presume this would have no/minor affect?

Would it be better to make an offer and go down the 10 percent rate, if it fails then go to a mortgage broker and strike up a new plan. Then start putting offers in a few months later as credit should be back to normal by then?

It may also be worth noting we are in a rural area of Wales, where the majority of jobs are quote low paid. I presume this sort of thing is taken into account on applications?

Thrugelmir

Do you owe much between you on the 3 credit cards?

housewanted44

Nope nothing, they get paid off in full each month, does anyone have answers to the above??

Okydoky25

I can't see you having any problem with the 10% if all the other information you have provided is correct. When putting an offer in on a property you may find you will already need your Mortgage in principle. Easy to achieve if you knw who you wish to go to for your mortgage? X

housewanted44

Thank you for your help, should be an interesting time ahead getting all this sorted.

Thanks for your reply as well I was thinking you made an offer then went to the bank to get mortgage sorted. But Your saying if I find a house I want to put an offer on I should get an agreement in principle then put the offer in?