Getting a mortgage now v waiting until debt free..g

morgymoo182

Hi all,
We have seen a house we like valued at £190k and will have a gifted deposit of £30k.
After a few years of being in persistent debt, I am almost debt free (£700 on a credit card and £2000 overdraft which should be cleared by end of October). My husband has around £4000 on a credit card and £500 overdraft. There is also a loan which will be paid off in July next year at £270 per month.
We had been through a tough time financially but things have been much better lately hence paying things off.
My husband has a good credit history with no missed payments. I have 4 missed payments in the past 12 months on ClearScore due to direct debits not going through, although nothing in the last 6
months.

I applied for a DIP through NatWest and was advised we could be approved for upto £220k mortgage which seems positive to me. 

With things as they are at the moment I understand there will
be more scrutiny of credit history etc. The amount we want to borrow is affordable for us. 

How difficult do you think it would be to get a decent rate or even be approved for a mortgage with the above?

se2020

How much do you earn?

MWT

morgymoo182 said:

Hi all,
We have seen a house we like valued at £190k and will have a gifted deposit of £30k.

The source of the gift will matter so make sure you get that clear up front.

morgymoo182

se2020 said:

How much do you earn?

We earn around £25k each with commission and overtime (long consistent history of receiving both).

morgymoo182

MWT said:

morgymoo182 said:

Hi all,
We have seen a house we like valued at £190k and will have a gifted deposit of £30k.

The source of the gift will matter so make sure you get that clear up front.

Thanks - it’s from a parent

MWT

morgymoo182 said:

Thanks - it’s from a parent

Should be fine then as long as they will not be occupying the house with you.