First time buyer

matty117

Hi All,

Just looking for a bit of advice.

I am currently living with my parents in a rented property which we are due to leave by the 2nd April at the latest unless we extend the agreement.

My dad has £60,000 from the sale of the last house but he doesn't work anymore due to being disabled.

Me and my mom are looking to take out a joint mortgage within the next 2 months.

I am currently £9700 in debt (£8300 from Personal Loans and £1400 for my Overdraft) and my mom is £6000 in debt from Personal Loans. Neither of us have never missed any payments for our loans or any of our DD's.

My dad is going to use the £60,000 to clear off all the existing debt so that will leave us with £44,700 for a deposit.

The houses we are looking at will be between £160,000 to £200,000.

I earn £19000 a year and have done a minimum of 25 hours overtime every month since last January and my mom is on £13000 with monthly bonuses on top (Nothing major).

Few questions:

1) Will we need to clear the debt before going to banks to get a decision in principal?

2) Based on the above, how likely is it that we will get approved for a mortgage?

3) In your opinion what are the best banks to attempt to get a mortgage with for people with average credit ratings?

Thanks in advance.

amnblog

1) no

2) cannot say from info supplied here

3) suspect you will have complications so use a mortgage broker

itGuyUK80

amnblog wrote: »

1) no

2) cannot say from info supplied here

3) suspect you will have complications so use a mortgage broker

I agree with the above...

I applied for a mortgage has single applicant carry £13K debt and my application was accepted today.

It is about affordability and I waited 12 months to clear some existing debts that are now settled to give me better chance at mortgage as in MMR era. I had missed payments just under 3 years ago..

Recommend a broker and I do recommend making sure your ducks are in line... I did 3 credits searches on myself to make sure there is nothing that would bite me in the backside or lower my chances.