First time buyer

Dd1997

Would just like some advice really me an my partner are only young 20 with 2 children we have full time jobs an earn aroud 26,000 a year we have a deposit of 115,000 to put towards a house that is 260,000 just wondering would we be accepted? The women I spoke to said there shouldn't be a problem but want to here from other people's expierences! We have a fair credit score an I have had 1 late payment but my partner has had an payment arrangement for a phone contract he had would this effect us getting the house???

Markojack01

It's a nice big deposit, much larger than ours. However 5.5 times salary without a perfect credit history might be a push. Speak to a mortgage advisor they will know who might be willing to. You have a chance with that size deposit.

ACG

An arrangement to pay will affect your application. Whether it will prevent you getting a mortgage with whoever you are applying to will depend on the finer details. You have been quite vague, but if you have a broker then I am sure they will find some options for you.

Dd1997

My partners wage goes up every year he started off as an apprentice is now full time employed is this something we should mention??? Also vague in what? What other details would you like? The reason for the deposit is because my grandma an grandad have given me it for my first home we want a forever home so would look on something we want an this is the cheapest we have seen could I do help to buy?? It's a new build area houses are not even built yet how would I get in touch with a broker? I don't get all this mortgage stuff it's really confusing must be my age

glosoli

5.5x will likely be too much of a push, particularly with two dependants, I would estimate realistically between £104,00 to £130,000 and even at that, this could be trimmed down depending on what liabilities you have, and other costs such as child care etc.

Dd1997

We have no child care or anything as my mum looks after them when we work no problem with that an when I spoke to the account on the phone she asked for all my outgoings etc an said should not be problem only thing that would affect it would be credit score

Dd1997

But putting a 115,000 thousand deposit down would that not go to our advantage

csgohan4

Dd1997 wrote: »

But putting a 115,000 thousand deposit down would that not go to our advantage

you can put 1million pound deposit, if you need more than x4.5 your combined income with a blemished credit history, that is unlikely to be accepted.


The person who says it is likely to be accepted, are they Estate agent based by any chance??


Credit scores mean nothing. people with CCJ's and prev bankruptcy could have a 9/10 score, that means nothing to lenders. They have their own criteria system.


There are plenty of affordability calculators from the lenders, try using those and see what you can lend realistically not what you think you can lend.

Dd1997

It was an accountant we spoke to her worked all of it out an said we should be eligible for it! Do you think it's not worth us applying for this then? It's my partners credit score that I am worried about I am good with keeping my money in an that he on the other hand was stupid growing up

csgohan4

Dd1997 wrote: »

It was an accountant we spoke to her worked all of it out an said we should be eligible for it! Do you think it's not worth us applying for this then? It's my partners credit score that I am worried about I am good with keeping my money in an that he on the other hand was stupid growing up

Is your account a mortgage broker? worked out using what? what calculator? which lender for 5.5x salary?

ACG

If your sole income is £26k then it will not pass affordability.
4.5x income is generally where lenders top out although a few do go to 5x.

Forget what the accountant has told you, he/she is wrong.