Mortgage Chances?

diamonsinthesky

Hello,

I have done a little bit of research and read this forum quite extensively, and think I have a fairly good chance of getting a mortgage, but wanted to check I am not missing anything before I start applying.

I am 24, earning £50k, with an annual bonus of about 5% (although as this is not guaranteed, I believe it won't make much difference to what I can borrow). I have a £25k deposit, and am looking at flats about £200k, over a longer period, probably 35-40years. My monthly outgoings include student loan repayments of about £250 and will also include a travel card of £400. I have a strong credit score, with a couple of active credit cards (total limit of £5k, which I pay off in full each month) and a phone contract.

From using online calculators I think my income and expenditure mean that a mortgage of this size would be available, but I am reluctant to rely on these calculators, as some don't require you to provide much information. Does a mortgage seem realistic, and am I considering everything that I should be?

I am also considering moving jobs in the next couple of months, to a role within the same industry that would possibly pay a little more. Would this harm my chances of being accepted? And if so, how long should I wait to apply after switching jobs? I can't seem to find many conclusive answers...

Thanks in advance!

amnblog

You won't find conclusive answers without advice from an independent broker.

Some steers.

1. Your situation sounds sensible

2. A new job can be a problem depending on terms, timing, and lender.