Very nervous FTB!!

AWeeCuppaTea

Hi all,

Just wanted some thoughts on the likelihood of my mortgage application being accepted... (I know no one has a crystal ball though )

I had an offer accepted on a property on Wednesday for £119950.

I'm a FTB. Been in same permanent full time employment since June 2010. I earn £23708 basic, plus an extra £948 per year flex cash on top. I also get bonus/overtime but this isn't guaranteed so not including it. Get a payrise every year in April too.

I have applied for co-ownership in NI for 50% ownership. The rent for their half would be £124.95. I'm then looking at a 5 year fixed for the mortgaged half, no deposit needed, at 3.19%, no fee. Monthly payments for this would be around £237, so total payments would be around £362.

Only other payments I have are a joint loan, balance £4909, payments £125.47, union £9.90 and phone £10. I do have credit cards, which if I do use I pay off in full.

Should also add that my partner does also work and earns approx £14k per year as well, but as he was made redundant in Nov 14, and therefore only been in his current job just over a month (he got a new one straight away) he won't be accepted, so we're applying in my name only. He will be living with me and paying half,and we'll add him on at a later date. I realise though it'll all be based on just my income so just wondering if it sounds doable?

We also have savings of around £2400 which we will use for fees etc. I have also checked all 3 credit files, I have no missed payments, defaults etc. On electoral role, shows all credit up to date. Experian rates me as 999 (I know the score means nothing, but just indicating there are no 'negatives' as such on there)

Appreciate any thoughts

Thanks

plumfin

Hi, I can't advise on the money etc, but was in the same situation last year and I totally understand the nervousness. Good luck, hope it goes well.

AWeeCuppaTea

plumfin wrote: »

Hi, I can't advise on the money etc, but was in the same situation last year and I totally understand the nervousness. Good luck, hope it goes well.

Thank you very much!

Just nervous after all the changes last year, and tightening up on affordability, that it won't go through on my income. Fingers crossed!

vw100

Hi


It looks all positive, from your earnings and borrowing - it looks like it should go through. Good luck and let us know how it goes.

AWeeCuppaTea

vw100 wrote: »

Hi


It looks all positive, from your earnings and borrowing - it looks like it should go through. Good luck and let us know how it goes.

Thanks, sounds positive then!

Will report back when we find out