Healthy salary, joint mortgage deposit advice

mgxeab

We have a joint salary of just over £100k.
We are looking to purchase a new property (currently renting) of up to £300k in mid-2017.

We on track to save up at least £30k, meaning we will have comfortably saved up 10% deposit. I had some historic credit problems dating 2009-2010, but half of them have been settled, remaining have repayment set up with creditors with no missed payments and they are all due to fall off the credit report end of 2016. This will leave me with a clean report in 2017 when I am ready to apply.

What I would like to know is if we have realistic goals? I want to be prepared so that we have time now to do anything so that we are in a good position to apply. Would the 10% be realistic?

Thrugelmir

mgxeab wrote: »

remaining have repayment set up with creditors with no missed payments

Will you not be declaring these debts on your application?

kingstreet

If by "new" you mean newbuild, you will find 10% insufficient deposit for most lenders. There are a few offering 90% mortgages but none of the big high street lenders;-

Nationwide 85%
Santander 85%
Barclays 85%
Halifax 80%
NatWest 80%.

Often, this is lowered for newbuild flats.

amnblog

You are a little premature with your question.

We cannot say what products and lenders will be on the market next year.

If you were applying today you might find a 10% deposit a little light, depending on how your credit file looks.