Morgage Advice Required.

nikonman

My self and my partner are currently renting a property and have been for the past 5 years , we are paying £850 a month and have decided that we need to buy.
Here is the issues.
We are both 52, secure (I hope) jobs me, 17 years , her 12.
My pay roughly 39k hers 20k.
My partner is currently coming out of a 4 year debt management plan , it ends in August, which as we see it might hamper out mortgage application??.
We will be looking to get a mortgage after the August date , we both don't have savings.
What does anyone think our chances of getting a mortgage for a £140/150k max house??.
Any advice will be appreciated.

Cheers

Thrugelmir

nikonman wrote: »

My partner is currently coming out of a 4 year debt management plan , it ends in August, which as we see it might hamper out mortgage application??.

Most certainly yes. You need to clear the DMP as quickly as possible. Then get saving while your partners credit rating improves.

ACG

With no savings?
You are going to need to put down a deposit, the bigger the deposit the better the chance.

Personally I would suggest getting all 3 of your credit reports down to a good experienced broker and let them advise you on what you will need as a deposit.

Affordability does not sound like it will be an issue although im not sure as you say you are on £60k combined with £850 on rent - I would expect there to be some sort of savings unless you have large outgoings?