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FTB - Chances of getting a mortgage
azure99
Posts: 9 Forumite
Hi,
I am trying to figure out what chances my wife and I have of getting a mortgage in our current situation or what we would need to do to get ourselves in a position where we would be accepted.
Basic facts:
My Salary: £45,250
Wife's Salary: £15,000
(both full time permenat employment)
Savings for deposit: £15,000
Debts (all mine)
Personal loan monthly repayment: £379 (3.5 years remaining)
Outstanding credit card debt (one card): £8800
Credit card minimum payment: £195
No bad credit, late payments etc.
We have one dependant, I am 33 wife is 26 and are currently in private rented paying £750 a month rent.
We would be looking to borrow aprrox. £120,000. Do you think this is possible given our current situation or do you think the current level of debt, especially the credit card would make this difficult?
Thanks
I am trying to figure out what chances my wife and I have of getting a mortgage in our current situation or what we would need to do to get ourselves in a position where we would be accepted.
Basic facts:
My Salary: £45,250
Wife's Salary: £15,000
(both full time permenat employment)
Savings for deposit: £15,000
Debts (all mine)
Personal loan monthly repayment: £379 (3.5 years remaining)
Outstanding credit card debt (one card): £8800
Credit card minimum payment: £195
No bad credit, late payments etc.
We have one dependant, I am 33 wife is 26 and are currently in private rented paying £750 a month rent.
We would be looking to borrow aprrox. £120,000. Do you think this is possible given our current situation or do you think the current level of debt, especially the credit card would make this difficult?
Thanks
0
Comments
-
Subject to the information provided, this should be very straightforward...
Good luckI am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it.This signature is here as I follow MSE's Mortgage Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Thats good. My main worry was the CC debt and if they would demand that that is paid off in full before I can apply.
We have an appointment with the bank (Nationwide) to discuss things next week so hopefully should get a better idea then. Just wanted to see if anyone on here thought I was wasting my time.0 -
Definitely not. Should be fine with Nationwide, based upon information provided of course..I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it.This signature is here as I follow MSE's Mortgage Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Thanks for the quick reply. Makes me feel a bit better about going along to speak to them
0 -
With that income and wanting to borrow that amount you should have no problems.0
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