Advice please

01huddka

Hi
Hoping someone can give some advice

Me and OH are hoping to get a mortgage sometime next year and we are looking for advice on to when or if we will be able to and when to see a broker which we will.

I got into a lot of debt a few years ago approx 70k
Mainly loans but also payday loans, all payday loans paid approx 2 years ago and now I just have loans from high street lenders.

No defaults or CCJS or missed payments only on two of the payday loans I set up a payment arrangement of £160 a month for five months not realising this would show on my credit report as AP.

Both of these were paid for the five months and settled in December 2014.

I am on salary of £32000 with overtime of approx 4K

Girlfriend is on £14.50 hour with minimum of 37 hours contract but usually takes home about £1900 a month.

We have £17k saved and we are beginning to hope that maybe once my debt is down to about £10 - 15k and we have approx £25k saved it might be possible to get a mortgage - does anyone think this will be possible.

Thanks for any replies

ACG

There is some key info missing but yes there should be options, however it may not be high street lenders - it may be, but just prepare yourself that it could be a touch more expensive.

01huddka

Thanks for responding - I can give any more info if it would help

csgohan4

how much debt do you have now??

01huddka

£24000 paying down by £1800 a month

Caz3121

what interest rate on the savings and what interest rate on the debts?

ACG

Dont worry about the bits missing, it is all to do with what the LTV will be, but to be honest I think if you get a broker on it they will go through everything with you in more detail.

Generally speaking you can lend around 4-4.5x your income. So £200k roughly as a mortgage, you may need a 15% deposit but you may be fine with what you have.

I think you need someone experienced to go through everything in order to give you the best chance of getting normal rates.