First Time Mortgage Advice

cjhami

Hi All,

Just wondering if someone could offer some advice. Me and my partner our hoping to apply for a mortgage within the next few months. However we are both still paying off our student overdrafts. I have about £400 left to pay and my parter has around £1000. We pay of our credit cards in full at the end of each month.The only financial commitments I currently have are my phone and car insurance. We have managed to save just over £5000 in 5 months and I will be getting a bonus from work mid october.

My question is when should we approach a broker now or once we have paid of the overdraft?

Thank you in advance

JustinR1979

If it's going to be tight getting a mortgage, anything that helps affordability is good. Getting monthly outgoings down will help a lot.
What are the figures?

cjhami

Thanks for the reply,
My current salary is £13,500 and my outgoings each month is around £200.00
My partner is on £12,500 and her outgoings are around £300.00. We have made a lot of cut backs over the last few months but watching the savings grow has made it worthwhile.

Thank you

JustinR1979

If you state deposit and amount you wish to borrow, someone will be able to tell you if this is possible.
Is £5000 the deposit? The LTV sounds like it will be high?

kingstreet

See a broker sooner rather than later, then you can plan your actions on the run-up to making an application.

Obtain all three versions of your credit file first, then you can address any errors earlier rather than later.