need some advice for mortgage FTB

saliarka

hi i'm new in this forum hope you can help me.
so, i'm looking to get mortgage for max 200,000. i have deposit 20,000 plus 3000 for all bills i need to pay. my pay is 35,000 (30,000 without overtime), my wife's is 18,000 is it enough to get mortgage?
My wife is pregnant and baby is due on around 10/2013. so i think the best would be to get a mortgage before baby born, because wife's pay will go down. The problem i have is default notice on my credit history which is settled and ends on 31/06/20013 (other credit history is very good). after default goes i have not a lot time to find a house and get the mortgage but still will try.
when can i start looking for house? should i look before default goes? if i make an offer when bank makes full credit check? maybe i can try get it whit default so could look for house now? and should i say at bank or to advisor that my wife is pregnant?

thanks

kingstreet

From the size of your deposit, the maximum purchase price is going to be £200k as you'll then be applying for a 90% mortgage. A high percentage may be possible, but you'll have more options at 90%.

Therefore, you'll need a £180k mortgage. Your income sounds fine for this.

Realistically, you should not apply for a mortgage until after the default falls off your credit history. You can start looking now, but getting 90% or more with a default will be virtually impossible, so you need to concentrate your efforts a week or two before the default vanishes. At that time, obtain your credit files from all three CRAs to make sure it is gone. Do not assume it will leave all three at the same time.

There are lenders who will not have a concern over your partner's maternity. They will ask for her final, pre-maternity payslip plus a letter confirming her return date.

A broker will help with this, if you do not wish to source such lenders yourself.