Chances of getting mortgage

scj1234

Hello everybody just thought I would try get as much of peoples opinions as possible.

Basically myself and my fiance are in the process of buying a house but we have yet to see what sort of mortgage we can get.

We are basically looking at purchasing a house of around £160,000 and wish to use about a 10% deposit so borrowing about £144,000 in total and we are in the following situation.

We both bank with HSBC who is the bank we would like to use for our mortgage as they will be able to judge our financial situation best.

I am on £19,300 my partner is on £19,000, I have £16,000 in savings and my partner has £14,000, we both want to use £8,000 each for deposit.

I will have £8,000 left and my partner £6,000 left in savings after mortgage in savings/isas

My partner has good credit history no defaults or anything. In the past 9 years ago I had a small default which has now dissapeared off file, I did have credit card balances but these were all paid off in full in one big payments 1 month ago and never missed a payment but for a period just paid above minimu payment - neither of us have any card balances now. The only thing I have is an overdraft on another bank account of about £1,000 which worst case I could pay off now. my credit score is fair. partners is excellent

Just wondering how our situation will be when we apply for a mortgage given we have alot of savings left and both bank with HSBC?

Will it be straightforwad do you guys think?

Mortage 10% LTV - will the fact we will have savings left over help our situation

Any input will be greatly appreciated
kind regards

scj1234

Anybody out there?

Thrugelmir

Suggest you clear the overdraft.

Why do you want so much left in savings? You'd be better off starting with a lower mortgage and building your savings back up.

scj1234

Hi there many thanks for your replyi will move some money to clear the overdraft on the other account. We wanted savings to get married in about a yeara time but thought that the bank would lpol fabourably in the mean time of having left over cash