Advice for first time buyer in a pickle!

stuartucw

Hi,
I'm 22 years old living in a rented flat with my girlfriend of many years.
Were looking at buying our first place in the near future but i'm worried about getting a mortgage. I'm not unsure about the payments but at being refused the mortgage. I've checked my credit score on the relevant ste and it is "Fair". However i have been refused credit in the past due to my University debts that are still with me, i think (Overdrafts).
We have a deposit of £30,000 which my father has kindly given us but i'm still unsure of where i stand.
I am currently undergoing teacher trainig and qualify April next year but only earn £14k a year at the mo. My Girlfriend is self employed but has a part time job that can guarantee £16 k a year but that would be pushing it.

I'm really keen to get out but have no idea where i stand and what kind of mortgarge i could get.

Being realistic i would like a £105,000 mortgage but is this asking to much? i have no idea.
If anyone has some advice that they coudl give me i would reallly appreciate it.
Thanks for your patience in reading my query.

Stuart

rachaelc_2

It would be worth visiting a free inependent financial advisor who will go through all your income and expenditure, my partner and i are both 24, with a joint income of around £30k, we were offered a mortgage of £130,000 if we wanted it, but we took one for £104,000, over 40 years and we pay £500 a month.

Hope that helps!!

stuartucw

Thanks. That helps a lot. Gives me a ball park figure that i can work with at least.

foxwales

Me and my partner have just bought our first house together.

My credit rating was fair as with Uni debt etc. We had no probelms getting a mortgage and we didn't even have a deposit.

We got a mortgage for £117,000 with the Yorkshire Building Society and like you, I have previously been turned down for overdraft, additional credit etc so you have nothing to worry about.

stuartucw

Excellent. Thats brilliant and put my mind at ease. Thanks for your info its much appreciated. If you wouldn't mind me asking, what are your monthly repayment?

I'm glad to here i'm worrying about nothing.

Ecxellent news.

Thanks

foxwales

We have an offset mortgage with YBS and our payments are £759 per month at 6.09%, we split it down the middle so about £375 each works out very nice for us indeed.

Plus every month we are putting money into the offset account so it's all coming down.

Best of luck