First Time Buyer Advice

lukieno1

My wife and I are currently looking for our first mortgage and would like a little bit of help navigating the minefield :eek:

We have around £70k-80k equity in our house which is owned by my wife's parents and are now looking to move up north to get a lot more for our money. We can afford a 5-bed detached in a very nice area for what our 3-bed ex-council semi is worth so seems like a no brainer.

We are looking at houses in the region of £150k-180k so would only need £100k or less on a mortgage so should be a good LTV

Now we've occasionally dipped into our overdraft due to a lot of big purchases lately such as white goods etc but nothing shows on experian probably due to when wages go in and natwest report to credit agencies. My income is usually pretty stable but is a £22k basic with bonus and overtime I easily achieve around £33k. My last 6 payslips are good apart from one where I had time off for an operation and was fully prepared for a lower wage. I currently have £21k available credit and am using around £8k of it due to a car purchase.
My wife has a loan & no income so we're deciding to do everything in my name for now as my credit score is 840 (experian) with only negative factor which is average age of accounts being 27 months......closed loads of old account end of last year which in hindsight probably wasn't the best move.

Now I've been looking at using a local face to face broker to ensure a higher chance of success as it's such a big move that we don't want to even consider it if it's just not doable. I've used sites such as vouchedfor but the only ones i can find charge a fee rather than commission. Is this the right way to go?

Any advice?

lukieno1

as an added note we've transferred money from savings to ensure we're in the black consistently, our outgoings are less than our income and we're going to use one of the wife's empty credit cards for day to day spending for the next few months and pay in full each month to have less showing on our bank statements as I've read they can go through everything with a fine tooth comb :eek:

lonestarfan

Are you planning to remain working for the same employer when you move north or is it too far?
If you have to change your job then you may have difficulties initially getting a mortgage.
Lenders will question this.

lukieno1

I work for a national company that is advertising for positions in the area I'm planning to move to so will remain in the same position just in a different postcode

horseymchorseface

not many lenders will only take your name as your married. Your wife after all is a dependant and it will affect your affordability.


You need a good broker to match your circumstances to a good lender who will likely accept


On a side, the house is not owned by both of you is that right?