First Time Buyers - Would We Be Approved?

Cirias

Hello all, wonder if I could get a bit of mortgage advice if I share with you my family's situation?

We used to rent and last Summer moved in with my parents so we could pay off our credit cards/overdrafts (around £6K) and start saving for a mortgage. We became debt free in November and up to now have saved up around £2K. My credit rating is good and seems to be improving steadily.

My parents are planning to give us £20K towards a deposit on a house, they are also going to help with fees and stamp duty etc. So by the time we plan to move we should be able to have a total deposit of £27K.

We are married with one child (4) and our only income is mine (£34K). I'm on a 4 year STC (short term contract) with just over 2 years left to run. However, in May I'm probably going to either be seconding or moving on to a new STC with an associated company on a much higher salary. Also, I'm 28 years old.

We're looking at houses around the £180,000 mark in East Anglia region. We are not interested in shared ownership, leasehold or Help to Buy (if possible).

What do you think our chances of getting a mortgage would be? Do you have any advice for us looking forward?

Thanks very much!

ashp_2

Cirias wrote: »

Hello all, wonder if I could get a bit of mortgage advice if I share with you my family's situation?

We used to rent and last Summer moved in with my parents so we could pay off our credit cards/overdrafts (around £6K) and start saving for a mortgage. We became debt free in November and up to now have saved up around £2K. My credit rating is good and seems to be improving steadily.

My parents are planning to give us £20K towards a deposit on a house, they are also going to help with fees and stamp duty etc. So by the time we plan to move we should be able to have a total deposit of £27K.

We are married with one child (4) and our only income is mine (£34K). I'm on a 4 year STC (short term contract) with just over 2 years left to run. However, in May I'm probably going to either be seconding or moving on to a new STC with an associated company on a much higher salary. Also, I'm 28 years old.

We're looking at houses around the £180,000 mark in East Anglia region. We are not interested in shared ownership, leasehold or Help to Buy (if possible).

What do you think our chances of getting a mortgage would be? Do you have any advice for us looking forward?

Thanks very much!

You will need a mortgage advisor to match you with the correct lender. I would say 153k + 27k deposit is pushing the maximum you could borrow but should be possible.