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First Time Buyers : What Mortgage Amount?
Michael229
Posts: 14 Forumite
Hi
I would be really grateful for some advice. My wife and I are looking to buy a property for the first time. We are hoping to get a mortgage of £200,000.
Our details are
Deposit - £20,000
Combined salary - £51,000
Student loan payments - Combined £150 per month
Do you think with this background we are likely to get the amount we would like?
Many thanks
Michael
I would be really grateful for some advice. My wife and I are looking to buy a property for the first time. We are hoping to get a mortgage of £200,000.
Our details are
Deposit - £20,000
Combined salary - £51,000
Student loan payments - Combined £150 per month
Do you think with this background we are likely to get the amount we would like?
Many thanks
Michael
0
Comments
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yes, shouldnt be a problem so long as you dont have any large loan or credit card debts in the backgroundI am a Mortgage Adviser
You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
That sounds perfect to me - very sensible. You'll get a decent rate, too, with a 10% deposit :-)Mortgage | £145,000Unsecured Debt | [strike]£7,000[/strike] £0 Lodgers | |0
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We do have a combined amount of about £24,000 student loans. But these are very low interest, very low repayment and you stop paying them if you earn less than £15000 per year. I am guessing that a lot of people in the country have these. Nationwide seem to differentiate between student loans and normal loans, so I am hoping this shouldn't be a problem. Does anyone have any previous experience of having student loans and getting mortgages?0
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Both myself and my wife have student loans and we didnt have a problem getting a mortgage from the HalifaxStarting debt @ LBM: £8436.51 (8/5/7)
Barclaycard: £5804.52 (May 07) - 6.9% LOB Now: £5315.25
Egg: £1640.99 (May 07) - 1.9% May 08 - Now: £1242.69
[strike]Barclays O/D: £991dr (May 07) - 16.9% - Now: £0.00[/strike]
Debt August 07 £6557.94
Aim: To Clear Barclays OD by Nov 2007! Realistic DFD: August 20090 -
This may be a silly question but I am not familiar with credit reports. My wife just got one and she has a long history of taking out credit cards and repaying (balance transfers). However, she had one late payment in 2003. Is this likely to have any impact on mortgage application at all?0
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you dont need to go to a specific lender to have those student loans discounted, you are well within your affordability for the amount you wish to borrow.
I would advise speaking with a whole of market mortgage broker to get the most suitable mortgage for your needs.I am a Mortgage Adviser
You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Michael229 wrote: »This may be a silly question but I am not familiar with credit reports. My wife just got one and she has a long history of taking out credit cards and repaying (balance transfers). However, she had one late payment in 2003. Is this likely to have any impact on mortgage application at all?
None whatsoever. if thats the worst thing you've found on the report I'm sure your wife has an excellent credit score.I am a Mortgage Adviser
You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Student Loans won't show up on a Credit Report either. It would still be advisable to declare them for affordability purposes though.0
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