Improving mortgage chances

Sadie23

This year, myself and my partner are looking to buy our first home. My partner will have a sizeable deposit from inheritance which will enable us (hopefully) to buy a home to start a family in which we are calling a '10 year' house - as in future we hope to be able to afford to move to a home with some land or outbuildings as OH needs this for storing work machinery ect.


We thought we would have to wait another year as he runs LTD company which has been running for over 2 years, and thought we would need 3 yrs worth of books for a mortgage. From what I have read via nationwide, they only require 2yrs worth which means things can move a bit quicker than anticipated!


My question lies with getting a mortgage in our current situation, having the deposit will work in our favour in terms of LTV.


We do have some debt, OH has Personal Loan for a car we share which is around £200 per month. And I have about 9k worth of credit card debit which I hope to have mostly paid off by the end of this year.


Is it worth hanging on for that extra year for my credit cards to be paid off, and a 3rd years worth of books for the business? Will it reduce our chances of borrowing the money we need to have this debt outstanding whilst applying for mortgage?


New to this as being FTB, don't understand the ins-and-outs

Thrugelmir

Why not use the inheritance to clear your debts?

Sadie23

Its not my inheritance it is my partners, he will potentially clear his loan but I wont allow him to clear my CC debt, my mess for me to clear up!