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1st Time Buyer

plasmarb
plasmarb Posts: 96 Forumite
in Mortgages & endowments
Hi All

I need your assiatance here please, i'm buying a house with my wife and 2 children. Only I work but we have a 70k Deposit.

I have 2k in credit card (which I pay off monthly), and a student loan. How does this affect my chances of getting a mortgage?

Comments

  • betmunch
    betmunch Posts: 3,126 Forumite
    The 3 dependents and student loan will reduce your borrowing, the card may reduce your borrowing depending on the lender
    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.
  • GT85N1
    GT85N1 Posts: 32 Forumite
    plasmarb wrote: »
    Hi All

    I need your assiatance here please, i'm buying a house with my wife and 2 children. Only I work but we have a 70k Deposit.

    I have 2k in credit card (which I pay off monthly), and a student loan. How does this affect my chances of getting a mortgage?

    Use some of the more detailed mortgage/affordability calculators online.

    I found the best ones were those on the broker/intermediary sections of the bank's websites..

    eg - http://www.halifax-intermediaries.co.uk/tools_and_calculators/mortgage_affordability_calculator/default.aspx

    Keep in mind these are for illustration, but I found the intermediary ones were more detailed than the 'normal' website ones.

    It would be worth speaking to an advisor or broker to fully discuss the details
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