advice for first time buyers?

Mark12346

Hi folks,

me and my partner are planning to get our first mortgage soon but we are quite unsure of our chances of getting one.

We earn about £43k a year joint income (although it's slightly higher due to my overtime.) we have no dependents and have good credit. I have a credit card that I use frequently and pay off quickly and we both have some items on finance (mobile phones) that get paid every month. my only worry is some outstanding student loan debt that I have recently begun paying off due to my salary increasing.

I assume this should be enough to get something? we have no CCJ's or payday loans on our record.

LucasH

I reckon you'll be fine.

We were in a similar situation (although no credit cards now) went through a local broker and we got a mortgage yesterday.

Obviously dependant on deposit, mortgage amount etc though.

Mark12346

oh yeah our desposit is just under 17k

Craigzeh

Id say you would be fine. me and my OH have just had our mortgage approved and we're in a similar position, slightly higher earnings at just over £50k however we do have a loan used to purchase cars that we're paying and with that and a £11000 we were able to get a 95% mortgage without issue.

amnblog

Your only potential issues here Mark are:

Affordability - may become a issue if your purchase price rises towards £200,000.

Property - The property will need to be suitable security for the Lender. This basically means, no unusual construction, no leaseholds with sort leases, decent condition, and valuing at what you intend to pay for it.