Help - First Time Buyer!!

Idiophreak

Clarky2 wrote: »

Are lenders likely to accept a higher mortgage term, generally?

I don't believe the term of the mortgage often makes a great deal of difference to acceptance. I guess it might in terms of affordability criteria, but I'd be surprised if there are many people who get approved just by pushing the term out.

As others have said, you have quite a lot working against you at the moment:
Low deposit
Poor credit
High multiplier

The only one of those you can do anything significant about in the next couple of years is the deposit. If you can't stay at home, try a house share etc. On a £1600/month wage, you should be able to save £500/month without too many problems. Your 8k deposit could grow to 26k in 3 years. Then you'd have a 20% deposit on a 130k place.

Your default will have dropped off and you'll drop to a 4x multiplier. (hopefully less, if you manage a couple of pay rises between now and then)

By the time the higher deposit and better credit are considered, you'll get *such* a better rate on a mortgage, you'll save money hand over fist vs buying now.

Clarky2

Thanks for the advice I appreciate it, im gonna try holding out and saving more money. Its never easy is it