Worried About Mortgage Application.

kats9lives

Hi,

Just looking for some advise really.

My husband and I are applying for a mortgage in the next few months. We do not currently have one due to us selling our house and decided to go into rented accommodation until we found a suitable property.

I'm now worrying about the whole application process and if we will get a mortgage big enough with the lending process being much stricter.

So here's where we are at.

House value £250k
Deposit £25k (10%LTV)

Husband income £40k
My Income £30k
We have 2 dependants.
Debt wise, I have a loan with a balance of £3.2k (has 2yrs left) and cc debt of about £3k
We have a joint loan with a balance of £2.4k (has 1yr left) and small cc debt of about £500
Husband has a car loan with about a year left on it.
Our credit history is ok, apart from the odd late payment on credit cards/next directory.

I don't start my job till 1st May so have a 3month probation period.

How hopeful are we in 1. Getting a mortgage full stop and 2. Getting a mortgage big enough????

Thanks

Thrugelmir

May be worth paying down your debts prior to rebuilding your savings.

Given you haven't started your job yet.

Wh05apk

Assuming you are looking at 25yrs (ish) term, and no credit issues you should be fine, have a look at a lender like Abbey/Halifax/Nationwide a they have calculators on their sites, put your figures in and see what they will lend you.