Hoping to Buy in the new year

Property_Virgin

Hi all,

I am 25 and currently living at home with my parents. I have got £10,000 for a deposit for a house. I curently earn £19,818 a year but do get regular overtime and a yearly bonus.

I am looking to buy a house for £90,000 - £100,000 next year as after looking at all the figures I can afford a mortgage of up to £90,000.

I was wordering if my income would be too low to be accepted for a mortgage? is there a minimum wage for a mortgage application? am i able to include my overtime and bonus in my income?

I'm worried about applying if there is no chance I'll be accepted as I dont want it to affect my credit rating, which is very good as I've never had any defaults and the Loans I've previously had have all been paid off early.

I was also wondering what to put on the application for expenses as I dont curently pay any bills monthly except my phone and some rent to my parents. My car insurance is paid yearly as it coincides with when i get my bonus from work, same with any service and MOT.

I just want to make sure I have everything I need if I apply.

thanks for your help

ACG

The figures stack up just.
Expenses, put them as they are. They will use ONS figures for expenditure or some other average.
Some lenders will use bonus/overtime but it will vary from lender to lender.

lhodgetts87

I'm in a very similar situation as you (slightly higher deposit) saw the mortgage advisor a few weeks back and seeing her again on the 2nd ....

Be interested to see how this thread pans out, like you i only really have phone bill / gym / insurance etc so nothing major.

Main point that was made to me was save every single penny to get your deposit up! It'll make your life so much easier.