Whats my chances of getting a mortgage? Advice please :)

Firsttimebuyer3

Hello! Me and my fiance are looking to buy our first home in the next half a year. We earn an income of around 2.5k a month and have around a 17k deposit saved. We are looking at houses at a maximum of 140k, putting down a 10% deposit. My fiance is great with money, little direct debits and only phone on credit (contract) Me however, i have had a number of things on credit, (Payments never missed and almost payed off in the next 2 months) i could pay them off right away!

If i totted my direct debits up i would be paying out £300 a month. I have also recently emerged from my overdraft (happy about that!) I just wondered if there was any advisers on here who would know roughly wether or not i would be accepted for a mortgage? (I know its only a very rough idea of my out goings iv given you!) Oh also, £100 of my direct debits is a loan repayment.. Are you declined straight away if you have an existing loan of 1k?

Any advice would be great! Thanks!

Thrugelmir

Is the £2.5k income you quote before or after tax.

Firsttimebuyer3

Thats after tax

ACG

Having loans/credit cards is not a reason to be declined.

Its difficult to work out from the figures you have given but affordability looks like they will fit, albeit maybe on the tight side.

Firsttimebuyer3

Hmm... well i intend to pay off 2 items i had on credit this month, so when applying my outgoings would be...

Phone contract : £50pm
Loan: £115pm
Savings: £100pm
Gym: £39.99
..... taken from a wage of £1700pm?