Chances of getting a mortgage

getting_there1

Hi All,

I was wondering if anyone can give me their opinion on what they think the chances are of me obtaining a mortgage on a shared ownership scheme of say about £60,000. I earn £35,000 per annum, I have two credit cards with only £800 outstanding in total and have lived at the same address for 6 years.

My credit report is okay, no defaults etc but I have a few late payment markers from 2010 and 2011 for a loan which has now been settled since the end of last year.

I also would like to get a car loan of £5,000 as I do not have any other debt apart from the £800 on credit cards but I dont know how negatively this would impact on me with regards to getting the mortgage.

Dave_Ham

Walk in the park to be honest.

Why would you want shared ownership and pay a part of rent/costs etc. when you could buy 100% of a property based upon the income provided.

Good luck

kingstreet

I reckon you'll be fine for an SO mortgage, based on what you've said.

You haven't mentioned a deposit. There's only one lender with a 95% product, so you'll need at least 10% for any kind of choice.

You'll need to be vetted by the Housing Association before you get too far down the road.

Put off applying for any credit until the mortgage completes.

getting_there1

Thanks Dave!

Also, I am new in my job (been here for 2 months) will this have a negative impact? It is in the same area that I have always worked in.

I was looking at shared ownership because properies in London are very expensive so this looked like the only way of getting somewhere decent as I only have a small deposit but it will be enough for the amount of mortgage I will require on the shared ownership. Just want a step on the ladder.

If I took out the loan before the mortgage offer do you think they will turn me down for having £5000 worth of debt?

getting_there1

And how bad is the late payment markers from 2010 and 2011 on a loan account that is settled?

getting_there1

Okay, just saw your reply. Thanks Kingstreet!