First time buyers

MNM2903

Hi,


Me and my girlfriend are in the process of saving to get a mortgage on a new build property.


She is a Midwife on 22k per year
I work in sales and my basic is 17k per year but I earn around 600-900 bonus each month.


We have spoken to a financial advisor and we have someone looking to see which lenders we can go to for an application approved in principle.


My credit rating has a CCJ (Satisfied) from 2014 and also some defaults from 2011 - 2014 which in total I have 3 defaults.


My girlfriend currently has an Argos card and a car loan and personal loan, all are up to date with payments etc and she has no adverse credit what so ever.


The house we have looked at is for 145k and will be ready next year. we currently have 4k saved and are looking to have 15k in total as we are putting away 1k per month.


We are also going with the government help to buy scheme where they give 20% im basically just looking for advice to see what our best option is as in should we get it just through her or would a joint one be better. im thinking in terms of affordability on the application it would look better but my credit does hinder it a fair bit.


Also while writing this I've had a call from one of the sites we looked at on a house and they have informed me my girlfriend laura has been approved in principle for the 140k we set out for.


Regards,
Michael

csgohan4

With the store card, personal and car loan taken into account, will you be able to afford the mortgage repayments?

MNM2903

Yes we will as a couple however I think with my credit history we are better going for it in just her name. I have just paid her argos card off. And cleared her overdraft she now only had the 2 loans so we are going to the bank on Wednesday as I've suggested consolidating the loans as the 5k from sainsbury is 10% Apr and her Lloyd loan is 6% and was for 9k and is now down to 6k. Doing this will bring her monthly outgoings down to about £250.