I've got a little debt and about to buy a house! Very nervous and worried need some advice!

Spaz19961

Hello,
Me and Partner are first time buyers, we are due to go for our mortgage appointment next week but I'm massivley nervous! I've got a small amount of debt including catalogues and credit cards (Although my credit cards are my only concern) I pay my payments every month without fail and have learnt my lesson so the cards are untouched! Although very nervous about the appointment and rejection. I've read up about how they look at debt to income ratio and your credit history too, my partner is the main applicant and I'm the joint. Any advice on what to expect and how to deal with the rejection? We've fallen in love with our new home already and dont want to miss out on it. A family member has recommended a mortgage broker if the bank fails, any tips? My Bill's are always the first to be paid and any luxury are left till last.  Any advice would help me. We didnt expect to buy so soon but my partner is eager to get on the property ladder as soon as possible.

Many thanks 

amnblog

One thing to remember is that any view you get from the Bank will be the Bank’s view only, it is not an accurate assessment of all the options available to you.

SMR710

How much are the cc balances?
I would skip the bank appointment and go straight to a whole of market independent broker. Tell them your financial situation and they'll match you to the right lender/s. They'll manage your application for you.
Good luck! I hate this process too but a good independent mortgage broker is worth their weight in gold!

SMR710

You don't have to bank with a bank to be able to apply for a mortgage with them. They might end up being the best choice by chance but your broker would match you to who they know will be best for your situation be it debt, LTV, income / job security, credit history etc.

csgohan4

you generally can borrow x4.5 of your gross income not including debt, play around with affordability calculators found on various lenders websites. 

Without further info it will difficult to assess, debt? Income? CCJs e.t.c?

ACG

A little debt is not usually a problem, providing it passes affordability it should be fine. 

fozz010

I used a financial adviser who sorted out everything for me. I paid £185 and they literally did everything. Found the best mortgage for me at the time, didn't worry about any debt I had and even got the best insurances etc when the mortgage was approved.
I have about a year left on my fixed rate and when I have six months left they will start looking at the market to get me a better rate.
Well worth the £185 in my opinion.

Chrisabian

I was/am still in your position - try not to worry and definitely go and see a Mortgage Broker, they will reassure you completely and match you to the right lender for your circumstances! I used L & C who have been brilliant with me but there are plenty of choices out there, online and local.

Spaz19961

Chrisabian said:

I was/am still in your position - try not to worry and definitely go and see a Mortgage Broker, they will reassure you completely and match you to the right lender for your circumstances! I used L & C who have been brilliant with me but there are plenty of choices out there, online and local.

Currently convincing my partner to go, he wanted Natwest for the pure fact we bank with them and felt they could offer us a good deal. I've got a number on the back burner ready to go if all else fails. But thank you so much for the advice x

Spaz19961

csgohan4 said:

you generally can borrow x4.5 of your gross income not including debt, play around with affordability calculators found on various lenders websites. 

Without further info it will difficult to assess, debt? Income? CCJs e.t.c?

Overall credit card debt is around 4000 which I don't think is huge but the fact the balance on the 2 has majority of the balance gone. That's what worries me.

colinlondon

I have been with Natwest for 15 years and we are a first time buy we had an appointment with a mortgage adviser and spent 2 hours and then got told that sorry we cant get a mortgage i said why he said we can refer well after waiting 2 weeks to hear he just fobbed me off so i work for a solicitors firm in London and got a mortgage adviser through my work and with 30 mins off taking all my details he went away and an hour later we had three mortgages the best one was Santander 5 year never go to the bank as they only or in most case offer there products and they may not offer and are not the cheapest i wish i had done it sooner as i wasted 2 weeks but if you would like the information of a good mortgage broker and solicitor just message me back they are both good i would never go to NatWest i would stay well clear none of there staff are fully trainer or no anything regarding there products