What do you think... FTB

harlow19

Hi,

Have seen a flat on sale for 85-90k and am considering looking into the possibility of a mortgage. Was going to wait longer to build deposit/pay debts but prices seem to be going up!

I have been in my sales role for 13 months on a 24k basic with realistic annual earnings of 45-50k

I have one late payment on Littlewoods from Jan 2012.. Everything else paid that month on time.

I have three settled credit cards (two settled last month) plus settled car finance (consolidated after 8 months).

Currently have 1300 on one credit card that goes up and down every month... Should be able to pay about 500 on that this month. I have a nought percent card at around 1500 but do not make significant overpayments due to interest free. Limits are £2700 and £4400 respectively.

I have a loan at around 4.5k, pay £330 a month towards that, started at £11.5k in Sept 2012 so have been making significant overpayments on that.

I have around £300 with Littlewoods with a credit limit of £4500 (good idea to reduce this?)

Last credit account opened was in Sept 13

I have saved approx. £5k and have £3k gifted from my grandmother (who is likely to pass away in the next seven years... Inheritance tax...?). I then have another £1k spare for fees and any other bits.

What do you think? I would like to refinance the loan to a lower monthly payment will increase my affordability but this may lead to a rejection if a sufficient period of time hasn't passed...

Someone has mentioned the possibility of having the loan put in to the mortgage but surely you need equity to cover this?

Thanks

amnblog

You are there are thereabouts for this lending.

Get some advice to explore your options.

kingstreet

harlow19 wrote: »

£3k gifted from my grandmother (who is likely to pass away in the next seven years... Inheritance tax...?

As long as that is the only gift she makes in the tax year, it is within the £3k pa annual gifts exemption.

harlow19

Hi to both,

Many thanks for your responses.

I have contacted a broker today who has advised me to call them again in three months based on the same information as above. Should I try elsewhere? Well.. I think I will anyway

Also, thanks for pointing out the threshold.. won't be a problem then and I guess it wouldn't really be a problem for right now anyway.. was just something I wanted to check.

What do you guys think about refinancing the loan? Will the credit search harm my chances? One other credit check in past three months, twelve in past year. However, I am unsure how accurate this is as my Barclaycard was only opened Sept 2013 so that would be showing and it isn't. Everything else is insurance quotes or Experian search for accessing my credit report, bar an application for a Santander credit card April 2013.

I wanted to ask the guy this today but he told me to phone back in 3 months so didn't get that far.