FTB 100% mortgage help please

gem-gem_3

Hello. My fiance and I are hoping to buy a house very soon. We are first time buyers with no deposit. We have agreed that we want to get on the ladder and buy somewhere even though it means a 100% mortgage as property prices are going up faster than we can save. My fiance has got a loan (for about £9) and contract mobile recently so we're pretty sure his credit rating will be ok and I assumed that mine would be as I've never defaulted on payments on anything and the only debt I have is about £250 on a credit card and an agreed graduate overdraft of £1,500 which I never go more than about £500 into. I applied for a credit card a few months ago though and it was declined. I have no idea why and am worried sick that we won't be able to get a mortgage because of me. How do they assess your credit score? Does the fact that I'm often in my agreed overdraft count against me? Also, at my previous address the council tax was referred to debt collectors but this was not in my name (it was a shared house and I had paid the person responsible for my share) and I was wondering if that could have affected me somehow? We have a combined annual income of about £45k and are looking to get a mortgage for about £120k and we are both graduates (I think this helps with some lenders). Do you think we will be ok? I cannot sleep at the moment for worrying and don't want to get excited about a house if it's not going to happen. Thank you in advance for your help.

andrewbrydon

Gem

I would obtain your credit file(s) and then speak to an independent broker.

Credit scoring with cards/mortgages do differ so dont panic
Re the council tax it depends whose name was associated with the bill

Good Luck