Chances of getting a mortgage!

wench90

My husband and I are desperate to buy our own house/ flat but saving a large enough deposit feels difficult at them moment as i have just returned from a years maternity so our savings are pretty low. We also have a sizeable amount of debt between us. I haven't made inquiries with any brokers yet and just thought id see if anyone had any thoughts on here.

We earn around £78,000 between us per annum, this will go up to £84,000 in Sept. However we live in London where prices are extortionate. We would like to borrow around £250,000 maybe a little more but only have 5% deposit at moment, around £12000. However the real problem is we have around £20,000 worth of debt between us.

Our rent is currently £1350 per month and we don't have any trouble paying this and our bills etc.

I just wondering what our chances are of getting a 95% mortgage with this much debt.

Any thoughts/advice would be great!

Cheers

Thrugelmir

Use your savings to clear the debt as an initial step.

On an income of £84k should be feasible to save a reasonable amount every month. May take a while but saving for a deposit helps one focus on what's important in life.