FTB - Chances of getting a mortgage?

AS2RW

Hi there,

I've been lurking on the forum for a while now and I've read hundreds of posts from FTB and adverse credit applicants so now is the time for my post.

Myself and my fiancee are currently looking for a property of our own we currently both live with our parents.

I'll try and keep this brief but with as much info as possible!

We have a combined earnings of £49k (Myself £23800, OH £25200)
I have:
Personal loan from Nationwide £352 per month with 46 months to go
Car finance 0% £203 per month 55 months to go
CC outstanding balance of £7000 on 0% until summer 2014

My fiancee has no outstanding debt.

Here is our problem, My credit rating is good although i have a couple of up to 1 month late payments showing on my file from 2008/09 from my post student days trying to get back on track but nothing else.
My fiancee however was in a DMP in 2008 everything was settled by 2010 there are no defaults showing on her credit file but there are two accounts showing payments up to three months late. Everything on her file is showing green and well managed for at least 3 years now, she has a credit card with Cap1 and a Next store account both with a credit limit of £1500 but neither are used.

We have £17000 saved for a deposit along with £4000 set aside to pay fees and cover moving expenses. We are looking to keep our house purchase under £125000 for the stamp duty threshold and will probably spend no more than £115000 based on properties we are currently looking at in the area so more than likely looking at 85% LTV.
Online affordability calculators suggest we can easily afford this level of debt with HSBC's saying they would potentially lend up to £153000 and Nationwide coming in around £131000.

I am fully aware that with our credit history the high street lenders will most likely reject us but can someone please tell us if they think we would be able to get a mortgage in our current situation or if we are kidding ourselves and would be better accepting we will need to rent. I am 34 and my OH is 38 and we really want our own property before age becomes a restriction if it is at all possible?

Your help is greatly appreciated!

Senior_Paper_Monitor

Sounds doable to me - subject to the detail a good broker should get you a first time hit at reasonable if not best rates.

Forget HSBC - you are not in a postion to rate chase.

Dave_Ham

Certainly sounds achievable, although would suggest you get your Experian, Equifax and Call Credit reports (certainly for OH) to a decent broker.

Surprised no defaults were recorded on a DMP, but still given due to the historic nature and 15% deposit I would expect solutions on the face of it.

Good luck

AS2RW

Thanks for your replies I am a born worrier and I have been on the verge of convincing myself we would not get anything and not to bother!

A friend has recommended a broker who I am going to contact tomorrow to see what they say?

Thanks again I will sleep a bit easier tonight now

KoalaTea

AS2RW wrote: »

Thanks for your replies I am a born worrier and I have been on the verge of convincing myself we would not get anything and not to bother!

A friend has recommended a broker who I am going to contact tomorrow to see what they say?

Thanks again I will sleep a bit easier tonight now

I too am a natural worrier, we have just put our full application in and Im convinced something will go wrong. Looking at your info, common sense says to me its affordable, you've learned lessons, been faced with difficulty and over come it. To me it says you would be a good prospect. Unfortunately these lenders seem to make things up as they go along.

We decided to use a broker because we felt it would be stupid not to go with someone who deals with mortgages day in day out - even though we have been recommended that exact lender and deal I found during my own research months ago!

amnblog

KoalaTea wrote: »

We decided to use a broker because we felt it would be stupid not to go with someone who deals with mortgages day in day out - even though we have been recommended that exact lender and deal I found during my own research months ago!

The point for you posters out there is that Koala has had the product 'recommended' by someone who is qualified and authorised to recommend it.

The fact that it is the 'same' (or similar) to a product found by the applicant previously is co-incidental.

Now that you have a recommendation you can be confident you are doing the right thing rather than guessing and hoping.

If this proves not to be the case you have recourse back to the broker.

Self-selection gives you no protection at all.

AS2RW

Just a quick update we have spoke to a broker today and he's very confident he will be able to place us with a lender, we've just got to provide some further supporting documentation and we should be all good.
Thanks again for all your support and advice