Please please help, can I get a Mortgage??

lottyw4

Hello,

Please can some one off some advice? My husband and I are hoping to buy our first house middle of next year – we will both be first time buyers. As im sure a lot of people are planning to do, we will have a 5% deposit to put down on a pre-owned home. (we will have at least £10k saved). Online enquires show we could borrow up to £200k but we are looking to buy a property between £130k-£160k. What I want to know is with our situation as detailed below, is it likely any one will give us a mortgage??

My basic is £22k plus average monthly bonus of 7.5% and 6th Monthly bonus of £500, and my husbands salary is £21500.

I have 4 credit cards which im paying off and by next June will owe £1400 across all of them (with about £3900 still available on them combined).
I have a loan which I have had for 4 years and pay £202 a month, at the time of our application I will have roughly 2 more years to pay. (yes I know stupid loan I took out when I was younger).
I also have an overdraft of £1000 I always am in at the end of every month (my salary does take me back into credit).
I have no defaults, or had any late payments and on my credit file shows all green.

My husband has no debt of all, however he did have a default (which will be 5 years old on the application) which was from Nationwide for £800 for an overdraft, he paid this back directly to them (it didn’t go to an external company) and is now fully satisfied. He also had a default about the same time from Orange for about £200 which he paid back 100% as well. He doesn’t have an overdraft but does have a Visa Debit card.

We also would have had 3 address in the last three years!!! L BUT we are registered at EVERY address on the Electoral register.

Do we have any hope at all getting a 95% mortgage from any one??? Or what would you suggest we could do in the next 6-12 months to improve our situation?

Any help is much appreciated!!

andyuk01

If i am reading this right in about a years time you will have £10k saved up but owe (202 * 24 = 4848 (loan) £1400 (cc) £1000 (OD) ~ £72484

Why not focus on paying everything off rather than trying to save and pay, as soon as the CC and loan are gone you'll have a lot more disposable income to put towards a deposit and wont be paying interest

Atomix

From reading your summary,

Firstly any kids? The mortgage companies take the cost into account.

Also, our mortgage provider would not accept my wifes bonuses as part of our joint salary/mortgage application.

Bearing in mind she had a written letter explaining it was guaranteed quarterly etc - from her employer (intel - multi-billion international company) they would only accept her basic salary, (which thankfully was enough anyway) - might be different for you though...

hcb42

Make it a mission to stay out of the overdraft, and work harder to pay those cards off....one loan will be taken into account in terms of commitment but at least you won't be declaring six....