am I likely to be accepted?

Tryingtomoveout

Hi everyone...

I know I won't be able to apply for at least another 6 months/1 year for a mortgage as I need more savings and want to clear outstanding loans but does this sound like I'm getting there at least?

Deposit - £15,000 so far. Should be able to hit 20k if I stay with my parents another year and save.

Flat price would be 175,000 - 195,000
...So will have about 10%

My salary 24,000 n my hubbys 25,000. I have around 4000 debt which will be cleared in 6 months - a year.

Then would need to save a further 4/5k for moving costs....

My credit rating is fair I would imagine....I rarely default on payments though I use my planned overdraft a lot and have used payday loans in the past....

My hubby has a fair/good credit rating although he can't get on the electoral role until next year due to immigrantion status...So may affect our borrowing decision

Do you think in the next year a mortgage could be possible? Thanks so much for any advice.....

I'm thankful for my parents' help but it's becoming harder and harder to live under one roof and they deserve their own space....

amnblog

Pay everything in full and on time, and keep away from payday loans.

Otherwise you will have limited options.

Thrugelmir

With an income of £45k a year. Why only £5k of savings in a year?

Overdraft and payday loans suggests that you don't manage money well. Kick the habits.

Use your savings to clear your debts now. Start with a clean slate.