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First time buyer question
CatchFazed
Posts: 89 Forumite
Hi all,
A first time buyer question for you on likelihood of mortgage. Any help you can give appreciated.
I have an income of £36,500, and will have cleared all my debts (currently £5k) including overdraft by December 2013 this year.
Partner is self employed with an income of around £25,000 and good records for the last 10 years.
We have a deposit of £30,000, plus up to £10,000 for fees etc.
What's our likelihood of getting a good mortgage if we go to a broker in January? And would anyone know what kind of ballpark figure we'd be looking at?
Both our credit scores are good with no defaults, and we both bank with Barclays and are in credit.
Many thanks!
A first time buyer question for you on likelihood of mortgage. Any help you can give appreciated.
I have an income of £36,500, and will have cleared all my debts (currently £5k) including overdraft by December 2013 this year.
Partner is self employed with an income of around £25,000 and good records for the last 10 years.
We have a deposit of £30,000, plus up to £10,000 for fees etc.
What's our likelihood of getting a good mortgage if we go to a broker in January? And would anyone know what kind of ballpark figure we'd be looking at?
Both our credit scores are good with no defaults, and we both bank with Barclays and are in credit.
Many thanks!
Wish it win it 2013
Hotel stay / Cash prize / Holiday to NY / Holiday anywhere! / Xbox One / Beauty prize
Hotel stay / Cash prize / Holiday to NY / Holiday anywhere! / Xbox One / Beauty prize
0
Comments
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With no dependents and no existing credit at time of application, you should be able to buy for upto £300k without too much trouble.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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Thanks Kingstreet. I wondered if, as I was paying off all the credit fairly recently, that might have an adverse effect.
Nice to know that hopefully we'll be able to get something good.Wish it win it 2013
Hotel stay / Cash prize / Holiday to NY / Holiday anywhere! / Xbox One / Beauty prize0 -
I'd suggest getting a good independent financial advisor. I've been with mine for years and he's been a godsend. If you can get one through recommendation then that would be best, but I've had excellent support from mine, despite the fact he's not exactly made much money out of me - I guess he thinks I'm a long-term opportunity, which is fine by me!0
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Thanks kwmlondon - as my partner is self-employed, we thought that might be the best option rather than attempting to do it ourselves.
My friend has recommended someone so I'll give him a call in January. Exciting and a little scary!Wish it win it 2013
Hotel stay / Cash prize / Holiday to NY / Holiday anywhere! / Xbox One / Beauty prize0 -
You don't have to pay it off first, with most lenders. It's normally enough to tick the box which notes a commitment "will be repaid, on or before completion" for it to be ignored for affordability.CatchFazed wrote: »Thanks Kingstreet. I wondered if, as I was paying off all the credit fairly recently, that might have an adverse effect.
Nice to know that hopefully we'll be able to get something good.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
I'd suggest getting a good independent financial advisor. I've been with mine for years and he's been a godsend. If you can get one through recommendation then that would be best, but I've had excellent support from mine, despite the fact he's not exactly made much money out of me - I guess he thinks I'm a long-term opportunity, which is fine by me!
Can you pm me the details of your FA please, I assume you are in London area.0
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