Mortgage advice please

JYoung89

Hi everyone,

After a bit of advice and hoping can someone steer me in the right direction. My girlfriend and myself have been house hunting for a while, got a Mortgage in Principle, and finally had an offer accepted the other day.

The mortgage in principle instantly accepted a 10% deposit, so we'll be putting down £11,000 on a £110,000 house.

Now I earn £24,000 a year in a job I've been at for 5 years, and my girlfriend £27,000, in a job for 2 years.

We're with a broker and going in soon to discuss setting up the mortgage, however I'm still concerned about my debt history. To give some context I currently have 2 credit cards totaling £9,000 and also about £1,000 in to my overdraft. However I've never missed a payment, and when checking my credit score I'm 'stable'. As a result I'm still not 100% sure if I will be too much of a risk? Also to add context my girlfriend has got one credit card which she's had for around a year, with about £400 on it, and always pays in time. So she's squeaky clean.

I know the house isn't too expensive, but is it still worth me being considered for this? I'm really nervous about this as we love the house, but not sure if my credit history is too much.

csgohan4

so a mortgage offer or accepted Mortgage in principle?

JYoung89

So when they ran our details through the computer, we were given a Mortgage in Principle which they printed off and we now have. Does that make sense? Apologies if not.

ACG

£10-11k debt on £51k income.
I would not be too worried by this personally.
There are maybe 1 or 2 lenders I would avoid but in the main I would be pretty confident you will get a mortgage.

amnblog

I agree with ACG.

Your broker is there to answer these kind of concerns and you should not be afraid to pick the phone up with the 'is my history going to tip this over and put me on starvation rations with my partner?' conversation.

Thrugelmir

ACG wrote: »

£10-11k debt on £51k income.
I would not be too worried by this personally.
There are maybe 1 or 2 lenders I would avoid but in the main I would be pretty confident you will get a mortgage.

£11k owed on a £24k income tells a different tale.

ACG

True, but the application will be looked at jointly so its not £11k debt on £24k income, its £10,400 on £51k.