Likelihood of Being Offered a Mortgage

kelly17687

Hi there,

Just wondered if anyone had any tips/advice etc on whether it is likely my partner and I would be approved for a mortgage.

Basically, we already rent and have been struggling to save any kidn of decent deposit, whilst already paying bills, rent etc etc. With our combined savings, and money from family, we would be looking at a 5% deposit max. realistically.

We earn £37,000.00 per year combined, my partner also earns around £1,000.00 bonus also a year. Our combined credit cards plus laptop/iPad (taken out on finance) are about £3,500-£4,000 outstanding.

We'd be looking for a mortgage of around £110-£120k, certainly no more than that, but we don't really have any idea how likely we would be to be approved for a mortgage.

We're first time buyers so any help AT ALL is appreciated! I don't know how much difference this makes to things but we're in Scotland.

Thank you

Kelly

HappyMJ

kelly17687 wrote: »

Hi there,

Just wondered if anyone had any tips/advice etc on whether it is likely my partner and I would be approved for a mortgage.

Basically, we already rent and have been struggling to save any kidn of decent deposit, whilst already paying bills, rent etc etc. With our combined savings, and money from family, we would be looking at a 5% deposit max. realistically.

We earn £37,000.00 per year combined, my partner also earns around £1,000.00 bonus also a year. Our combined credit cards plus laptop/iPad (taken out on finance) are about £3,500-£4,000 outstanding.

We'd be looking for a mortgage of around £110-£120k, certainly no more than that, but we don't really have any idea how likely we would be to be approved for a mortgage.

We're first time buyers so any help AT ALL is appreciated! I don't know how much difference this makes to things but we're in Scotland.

Thank you

Kelly

Probably zero.. You need to have no debt...or at least no NET debt...you can have outstanding balances on credit card as long as you also have savings too to offset that..some people stooze them paying 0% interest so it's cheaper to have a balance...you need experience handling credit such as credit cards that are paid off on time and you need to have savings. At least 5% but much more affordable if you have 10% saved up...plus the cost of the surveys and conveyancing and any stamp duty if applicable.

So...my advice...get those loans paid off ASAP and get some savings sorted. It might mean living a very frugal life for 6-12 months but in the end it will be worth it when you move into your own house. If you can move somewhere cheaper...even moving back in with your parents then you can save much faster.

Wh05apk

Your figures would appear to stack up, assuming no other issues, there are not many 95% deals around, and lenders tend to be very "selective" I would suggest a meeting with a broker, who can run through the process/costs/options etc, and get you an agreement in principle.

kelly17687

We have an appointment at the weekend with First Mortgage just to get a bit of advice from them, I just wanted an idea of what people on here had found from similar experiences/amounts to ours.

Although we do have 2 items on credit, and a credit card each, there are never late payments to any of these. Obviously getting the debt paid of is the ideal way to go, it just isn't feasible for us to clear it all at once.