Advice on 1st mortgage

Paradice

Looking to get a mortgage soon.
Wondering what the chances of getting a mortgage are...here are the details
I'm 33 and currently living with parents.
I have just started a new job, the basic wage is quite low but with overtime its pretty decent (it's HGV driving, guaranteed overtime)
The previous 2 years I've been doing agency work and only made about 10k each year. The 7 years before that I was working for the company I've taken the new job with.
I have enough in savings just now for at least 10% of the house price.

What is the likelihood of being accepted for a mortgage?

Hope you can help

Cheers

samo8076

I would think you would be accepted for a mortgage, though I expect the amount you can get would be quite low.

Paradice

I was hoping to get a place in the region of 100k
Basic wage is just under 20k, will be between 25 and 30 with overtime though.

samo8076

I am getting roughly £28,000 before tax, and can easily get a £100k mortgage (just been accepted on a £117,000). As long as tou can prove the overtime, then you should be fine.

Have you tried the mortgage calculators on this site?

kingstreet

Once you can evidence variable earnings for three consecutive months, a lender may take the lowest visible amount and annualise it, taking perhaps 50% into account in affordability.

Then, your outgoings such as credit commitments, dependents, childcare, maintenance etc will be taken into account and the amount you can borrow calculated.

Paradice

I'm just on my phone just now but will try the calculator when I'm home. Have tried one before but it was very basic, no mention of overtime etc, it came back as 111k
No dependents or debt of any kind.
Also, living at home and with the new job I can save a large proportion of my wage just now, I assume that can only help

Paradice

was also wondering...are mortgages that allow over payments without penalties harder to get?

kingstreet

No. Most products allow you to overpay by upto 10% of the outstanding balance a year penalty-free, or there are a few with no early repayment penalties at all, allowing unlimited overpayments.

dimbo61

Getting a mortgage is only part of the question!
£100,000 will not go far in central London but might buy a modern three bed house in parts of the north.
Where you live and want to buy ?
What type of property is available and local property prices.
Will you have lodgers ?
New houses have better insulation and therefore lower heating bills.
Older houses tend to have bigger rooms with high ceilings.
Living at home with Mum and Dad means someone else is paying the council tax, gas, electric, water, broadband, insurance, repairs and all the other little bills you may not notice.
Build up all the savings you can and consider carefully the location and type of property you want and can afford to buy.

Paradice

I'm looking to get a flat in Glasgow. 100k should get something fairly decent in a reasonable area I think.
No lodgers.
Can save about 1k a month while still staying at home, maybe more but I already have some savings and quite anxious to get my own place at this point. Partly due to being able to make more money now with the new job