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Likelihood of mortgage
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tb84
Posts: 5 Forumite
We are a young couple. One of us is a professional on a permanent contract, the other works full time at an educational charity on a permanent contract.
Our combined income is about 64 thousands. We have no debt other than that in mobile phone contracts and insurance policies. If that even counts as debt and student loans.
We are first time buyers with no chain and can offer 10% deposit. Which is not a gift but an actual amount.
The properties we are looking for are about two thirds of the overall borrowing we have been offered as an agreement in principle's top limit.
For me I feel we are lucky to be in a strong position. I have checked my credit score and I am deemed excellent on Experian.
This is not to say I haven't had debt, until recently I have had outstanding amounts on credit cards which I have been bringing down year on year. These were accrued during periods of study and unemployment.
I have come into money recently through bereavement. This is my main concern. Will lenders see my constant use of an overdraft facility as a barrier to getting us a mortgage. Especially as it was such a recent event. My lust to bring down my credit limits and borrowing on these cards has meant I was happy to pay the interest in my overdraft, such was my addiction to bringing down the card borrowing.
I still feel we look a good bet however I am really stressing that my journey towards being debt free, as necessary as it was to attain the career I wanted, will blow every other positive aspect of the water,
Our combined income is about 64 thousands. We have no debt other than that in mobile phone contracts and insurance policies. If that even counts as debt and student loans.
We are first time buyers with no chain and can offer 10% deposit. Which is not a gift but an actual amount.
The properties we are looking for are about two thirds of the overall borrowing we have been offered as an agreement in principle's top limit.
For me I feel we are lucky to be in a strong position. I have checked my credit score and I am deemed excellent on Experian.
This is not to say I haven't had debt, until recently I have had outstanding amounts on credit cards which I have been bringing down year on year. These were accrued during periods of study and unemployment.
I have come into money recently through bereavement. This is my main concern. Will lenders see my constant use of an overdraft facility as a barrier to getting us a mortgage. Especially as it was such a recent event. My lust to bring down my credit limits and borrowing on these cards has meant I was happy to pay the interest in my overdraft, such was my addiction to bringing down the card borrowing.
I still feel we look a good bet however I am really stressing that my journey towards being debt free, as necessary as it was to attain the career I wanted, will blow every other positive aspect of the water,
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Comments
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How long have you been out of the overdraft?
Its a strange one, some lenders may have concerns but others will not. Assuming there is no bad debt (late payments/defaults etc) then I would say you should be fine in the main.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
About three weeks!
No bad debt at all. Everything owed was paid, and on time. No defaults.
Just graduated in the wrong part of the decade and have been trying to gain a foothold of life ever since.0 -
If only all first buyers were as strong as proposition as your case sounds!
Stop worrying.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Agree with amn - potentially the likes of HSBC/Accord may have issues but if you cant get a mortgage for what you need I would be surprised.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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I know, I feel bad even talking about our situation having been in such a poor situation as most people our age are and we were but 6 months ago
T0
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