FTBs, what are our chances?

nick12

Hi, I've been lurking for a while and thought I'd finally pipe up and ask about my current situation as (I think) we're getting fairly close to being able to actually start thinking about buying somewhere later this year. I think we're in an "OK" position but would appreciate opinions on whether our current plan is sensible and whether or not we stand a decent chance of getting a mortgage for the sort of amount we're thinking. I know every case is different and I'm not expecting detailed advice but general opinions are very welcome.

My gf and I are both mid 30s with no kids, we've saved a fair chunk already and hope to have in the region of £22k by October this year. Property prices are high where we live (Bath) and so reasonably nice 2 bed flats (or 2 bed houses in slightly less desirable areas) start around the £180k mark. So we're thinking 10% deposit (£18K) and a few £000 for other costs.

We've checked our credit files and they are clean with the exception of a small late payment on my file from about 4-5 years ago and we don't have any loans or outstanding CC balances etc (except for my student loan).

Our combined earnings are just shy of £50k pa (me £29.5k, gf £20k).

We are working on the assumption that if you can, doing it the "normal" way (i.e. save a deposit and get a mortgage) is preferable to using any of the shared ownership, first buy etc schemes. Happy to be educated on this if this isn't necessarily the case.

Thanks in advance folks

ACG

I cant imagine there being too many problems with this based on what you have said, you should be fine.