Will I get a mortgage??

Wildchild14

Hi guys and gals I'm after a bit of advice please. Before I get started sometimes I have a habit of waffling but I will get to the point eventually lol.

I would love to own my own home and in next couple of years I plan to start saving for a a mortgage but I'm not sure if I would actually get accepted. My credit history isn't entirely bad, I score a 3 out of 5 on my noddle report so it could be worse.

So, at the minute I'm currently renting with my partner. We have lived in the same house for 6-7 years paying the same amount of rent which is £500 per month which then is £250 each. I got a loan about 5years ago of 5k and had it topped up a couple of times over the past few years. Once was to buy some essentials and help pay for Xmas and twice was to pay off a credit card one at 3000 and another at 500. I'm paying £325 a month just for the loan which is due to be cleared in June 2015.

I work full time in a well known supermarket so not exactly rolling in it but getting by all the same. Once my loan is cleared plus 1 minor debt to be cleared in dec of this year I'll be able to breathe a lot easier as I'll only have my rent and phone contract to pay. I have it in my head that once my loan is cleared I want to 'go nuts' for a few months buying stuff that I don't have to save up for or worry about getting in to debt because I have the money.
After I've done that I want to start saving for a mortgage. At the minute assuming I will have the same job I can save £250 for 3 years which will get me around 9k plus some money from a savings scheme from work to bring it up to 10k. I'm hoping my partner will do the same.
My actual problem is that I will be the only 1 able to get a mortgage as my OH has an IVA against her name at the minute which is due to be cleared in 2016 but she has to wait another year before she will be somewhat back on track ie get small store cards or catalogues accounts and pay them of ASAP. I have been told by a mortgage advisor that I could get her added to the mortgage deeds but she still has to be approved. As I'm earning around 13,900 not including overtime or bonus' what's the chances I would actually get a mortgage?? I appreciate that all this isn't going to happen for another few years yet and that the way things work and how people are approved could change entirely but I just want to know if anyone thinks I could be in with a chance or would I be stuck renting for the rest of my days??

Thanks for reading

amnblog

Save now, worry about the mortgage later.

No-one can say what the market will look like in three years.

Foxy-Stoat_3

^^^^ What he said, but if you had the £10K in cash now with no debt you will probably be able to buy a property value of around £60,000.

Good luck with the saving !