First Time buyer - shared ownership

NotSoSure_2

Hi everyone this is my first post and hope someone will be able to give me some good advice.

I’m looking to buy my first property on using the share ownership scheme.

Income: £37,000

Property full price: £242,500

Share: 35% (£84,875)

Deposit: 20%

HP car loan: £303 month (expire Nov 2018)

Credit Card: £5000

Arranged overdraft: £1250

Never had any late or miss payments.

I wasn’t planning to buy until next year but came across the perfect house which made me get the ball rolling. I’m planning to use a broker as I want the process to be as painless as possible.

My main concern at the moment is the use of my arranged overdraft which in the last few months I have been using constantly (I get back in credit on pay day).

Because I wasn’t planning to buy until next year I thought I had plenty of time to get off my overdraft. I will get this pay off and maybe even reduce end of the month but I’m still worried as this will show on my credit report and bank statements.

Based on the information above how likely am I to get a mortgage?

Thank you in advance

NotSoSure_2

Anyone in this forum?:shocked:

CookieM

Your best bet is to find an independent adviser and discuss all this with them. They'll know which lenders will be best to go for, and what action you may/may not need to take before applying, based on your circumstances.

Have you checked your credit report anywhere? Go and sign up to clearscore and take a look. Even though I've only got a £100 overdraft, it doesn't ever actually show up any balance on the report as, like you, i'm back in credit every month.

Something that may put your mind at ease a little is that I'm on 10k less than you, the property i'm buying is worth £180k, but i'm buying 45% at £81k. I had about 600 on credit card, and the £100 overdraft, plus car HP at £350 p/m. and i'm only putting in 5%. I've just had a full offer through yesterday.

NotSoSure_2

Thank you CookieM it does make me feel a little bit more confident.

I will try get hold of my latest credit report.