Chance of getting a mortgage?

Missy443

Hi, I'm after some advice about buying my first house with my partner.

We've been privately renting for nearly 3 years and really want to buy our own home. My credit history is great, never missed a payment, have a credit card which is paid off in full every month etc. My partner on the other hand hasn't been so great with money in the past. Nothing major, just quite a few late mobile phone payments 3-4 years ago.

My question is whether we'd likely be accepted for a 95% mortgage? Or would it be better to save longer for a 10% deposit? Our combined income is £30k and we're looking at houses around £120k.

Jitterbug123

It will depend a lot on your outgoings.

Additionally, a 95% LTV mortgage will have a lot more interest. I am assuming you would be using the Help to Buy scheme?

If you're concerned it might be worth going to a mortgage broke to ask their opinion. Someone free like London and Country?

ACG

There will be lenders who would potentially accept you, likewise there will probably be lenders who wont.

I would agree that a broker would be the best bet. We tend to know who can be lenient in cases like this.

But the good news is that I would think you have a good chance.

1uk3y

I would also mirror the advice above to find yourself a mortgage advisor/broker to scour the market for suitable lenders. Have you thought about new build houses with the Help to Buy equity scheme?
This means that on a 120k home you would only need a 6k deposit on a 75% LTV mortgage. With this scheme you could access lower interest rates.

Regarding missed payments, some lenders require no missed payments in the last 2-3 years but It's very much about affordability and having just gone through this process I know how thorough some lenders can be. Id have a look at the intermediaries websites for some main lenders and take a look at their lending criteria.