Mortgage fear!!! Advice please

Dave808_2

So I'm terrified of getting a mortgage, more the rejection of it.

Here's my stats...

39
£82,500 salary
£850 a month in debt outgoungs (car, credit card and next)
£151 in maintainance
1 dependant, not living with me
Seperated
Seen a house for £185k and have a 5% deposit
2yrs history of renting
No missed/late/arrears/CCJs on my credit file, always paid on time so no probs there.

I work away so applied to
Leeds BS got yes for DIP.
Applied for 95% execution only mortgage

Now terrified they'll say no!! What are the chances?? Never had a mortgage before

Any advice thoughts would be awesome

David_White

If you've never had a mortgage before why have you chosen execution only?

Seems like a strange thing to do for someone that clearly wants a bit of reassurance / guidance.

FreddieFrugal

Dave808 wrote: »

£82,500 salary

Seen a house for £185k and have a 5% deposit

Surely on your salary you should be able to afford more than a 5% deposit?

Are your outgoings really high?

Dave808_2

I work 4wks on 4wks off, was going off again so wouldn't be available for an appointment and didn't want to loose time or the property.

Dave808_2

I have got my deposit together very quickly after a separation

FreddieFrugal

Dave808 wrote: »

I have got my deposit together very quickly after a separation

Sorry about that, hope it works out for you

Dave808_2

That's ok, I've not always earnt this much. I'm keen to get out of rented but don't want a huge mortgage. This house is spot on and I really don't want to miss it but do appreciate I can get a bigger deposit if I wait, but then loose the house.

I'm not really sure what you consider to be high out goings? I bring home £4300, after rent and all my bills my disposable income is around 2k

Dave808_2

Does anyone this I'll be ok? I appreciate an advisor would be the best bet but time wasn't a friend

GMS

Dave808 wrote: »

I appreciate an advisor would be the best bet but time wasn't a friend

Neither was applying to a picky pedantic lender directly.

Are you still registered as an owner of previous property?

Dave808_2

I've never owned a property, I was in the forces for 13yrs and left a year ago.

getmore4less

Why the rush if this is a relatively new earning level.

Won't take long to get a much larger deposit and be debt free except a mortgage.

If you do get a mortgage you should be able to get the LTV down very quick for better rate so short term commitment and a lender with good retention deals would make sense from the limited info.