Stressed FTB. Sooth-saying required!

LadyGMadameToThee

Soooo, after years of being a wage-slave (and being treated like a Second Class Citizen) by unscrupulous, greedy landlords and incompetent, condescending Letting Agents, I have FINALLY had an offer accepted on a house and have submitted a mortgage application via London & Country brokers to The Post Office (who are funded by the BOI). Sitting here nervously awaiting some sort of contact and sign of whether the pendulum will swing in my favour. Can't eat or sleep. This is the Last Chance Saloon for me.
I am 48 years old
Have a 5% deposit
Hoping to buy a house in Wales for 110k over 15 years (but will likely overpay and resettle before then).
Have no overdraft, credit cards, HP or even a contract phone or tv subscription - only one loan with 6k left on it.
£43500 yearly salary plus bonuses, expenses (including fully funded company car, company phone, fuel and bridge fees). The company even pay my internet and landline fees.
Don't smoke or drink and haven't had a holiday abroad in 5 years.
Have one dependent under the age of 18.
Eat out once or twice a week.
Have a gym membership £40 per month.
Oh, and excellent credit score and record (no missed or late payments or defaults/arrears/CCJS).
What do you think my chances are, folks?
Really nervous - have heard so many horror stories of people with massive deposits and salaries being rejected - makes me wonder what chance I actually stand! I really want to leave my son a legacy.
Any advice or guidance appreciated.

Windofchange

£45k salary and £110k mortgage. I'd say it's a banker as it were.

agrinnall

Why do you only have a 5% deposit? Given your salary and the benefits you receive from your employer I would have expected you to have saved much more than that by the age of 48, which would have given you access to more choice of mortgages at better interest rates.

elverson

Bit unnecessary, you don't know the OP's life story.

cashbackproblems

Agreed on that kind of salary you should have been able to save much more and buy at an earlier age. Plus even for 15 years you need to maintain the current level of job and salary.

Lokolo

elverson wrote: »

Bit unnecessary, you don't know the OP's life story.

Completely neccessary. The OP is on £44k, yet has only saved £5-6k, and has a loan of the same amount, meaning that he hasn't actually got ANY equity, even on that salary. The question is why.

If there is a reason such as "A lost a lot in divorce" or "I have only just got this job on £44k, before I was on £15k" or something, then understandable. But if the OP has been on that amount for the last 5-6 years, there's clearly some issues somewhere.

LadyGMadameToThee

I take your point, but life likes to throw me curveballs and cut me down to size. I left home at 17 and have never had the luxury of living rent free with parentd or inheriting money. Also, I attempted to get onto the ladder twice (once in the 80s and once in the 90s). The first time, I was badly advised to wait by my dad. Second time, I applied but was rejecyed purely because my ex-husband didn;t mention his bad credit rating and debts!

LadyGMadameToThee

I've only been earning this amount for 4 years. I am a single mum who doesn't claim any benefits. I was living in Bristol until last year where rents were 1000k a month. I was also paying off 10k of debts that my !!!!less ex left me

LadyGMadameToThee

I would also like to add; yes, I ha e the one loan. But I have no overdraft, credit card - not even a contract phone. I Should also mention that I do have almost 10k in savings but want to hold some back for emergencies like the boiler breaking on the first day we move in (I'm not a lucky person so I always like to cover my back where possible)

Ithaca

On the face of it you have a decent income to loan ratio and you'd be looking to pay back around £720/month if you get one of the fixed-rate 95% LTV deals around 2.99% over 15yrs (seems to be about average).

And if you don't have any significant outgoings apart from servicing your debts you should be OK if they run an affordability check. That's often where the stories of the "massive salary but still rejected" comes from... e.g. we have a very good household income (two earners = £95k/year) but we spend a fortune on childcare for three young children so actually our spare money at the end of each month could easily be less than yours on a single £44k salary and one dependent.

It sounds like you've put yourself in the best position you can in terms of the application, bearing in mind the particular hand life has dealt you, so chances are you'll be accepted.

Fingers crossed and think positive!