Struggling to know where to start

DC5

Hello everyone, 
Thank you for taking time to read this post... I don't believe our finances are in a good enough shape to yet be considering a mortgage, but I am seeking some guidance on our circumstances and keen to hear any advice you may be willing to give. 

• £20K Personal Loan outstanding
• £8K Car finance outstanding
• Joint potential application incomes 80K (150K with commissions) + 25K 
• Can raise £25K for deposit (5%)
• Property value - c.500K 

From looking on Clearscore, I have a very good credit rating
I have recently experienced some temporary furlough - will this impact borrowing capability?
Should I pay down the debts with the deposit savings we have? I'm not rushing to do it as the fixed interest rates are quite low. 
Would any lender consider lending to us? 
With Brexit looming I'm not sure whether now is a good time to commit... 

bullrider

I'm no expert but your income looks good.  I would say, keep hold of your deposit and save up to at least 10%, then you will be good to go.  The debts should be affordable. :-)

fifiarm

Need to start up my own locum doctors agency. Can someone help me with how to set up, register and requirements please.
Thank you all.

haras_n0sirrah

Hi - I am a broker.
At the moment your issue is there are no 5% deposit mortgages on the open market and there are highly unlikely to be any for the foreseeable future 
Get to a 10% deposit and then you will start to have options
You will need a broker when the time comes as not all lenders will use commission so you would need to navigate that

MovingForwards

fifiarm said:

Need to start up my own locum doctors agency. Can someone help me with how to set up, register and requirements please.
Thank you all.

Start your own thread as this is nothing to do with OPs questions.

[Deleted User]

DC5 said:

Hello everyone, 
Thank you for taking time to read this post... I don't believe our finances are in a good enough shape to yet be considering a mortgage, but I am seeking some guidance on our circumstances and keen to hear any advice you may be willing to give. 

• £20K Personal Loan outstanding
• £8K Car finance outstanding
• Joint potential application incomes 80K (150K with commissions) + 25K 
• Can raise £25K for deposit (5%)
• Property value - c.500K 

From looking on Clearscore, I have a very good credit rating
I have recently experienced some temporary furlough - will this impact borrowing capability?
Should I pay down the debts with the deposit savings we have? I'm not rushing to do it as the fixed interest rates are quite low. 
Would any lender consider lending to us? 
With Brexit looming I'm not sure whether now is a good time to commit... 

We have a couple of members here who are in the business, wait for them to answer before doing anything.

[Deleted User]

fifiarm said:

Need to start up my own locum doctors agency. Can someone help me with how to set up, register and requirements please.
Thank you all.

Firstly - don't hijack another persons thread, it's bad form 😣

Secondly - asking about such a complex subject on a general, public, is hardly the way to go, far, far, more due diligence needed here -  plus, if you're in the medical field you should have all the answers at your fingertips already.

DC5

bullrider said:

I'm no expert but your income looks good.  I would say, keep hold of your deposit and save up to at least 10%, then you will be good to go.  The debts should be affordable. :-)

Thank you for taking the time to offer a comment. I appreciate it. 

DC5

haras_n0sirrah said:

Hi - I am a broker.
At the moment your issue is there are no 5% deposit mortgages on the open market and there are highly unlikely to be any for the foreseeable future 
Get to a 10% deposit and then you will start to have options
You will need a broker when the time comes as not all lenders will use commission so you would need to navigate that

Thanks for taking the time to comment on my post.  I appreciate your feedback.  We are trying to raise more than 10% and of course we may choose to opt for a lower value house which would make our deposit more valuable. I will soon engage with a broker, but just wanted to poll opinion first. 
As a follow up on this... if we were looking at a new build with some of the deposit incentives they offer - do you think this would this be a viable consideration?  

DC5

[Deleted User] said:

DC5 said:

Hello everyone, 
Thank you for taking time to read this post... I don't believe our finances are in a good enough shape to yet be considering a mortgage, but I am seeking some guidance on our circumstances and keen to hear any advice you may be willing to give. 

• £20K Personal Loan outstanding
• £8K Car finance outstanding
• Joint potential application incomes 80K (150K with commissions) + 25K 
• Can raise £25K for deposit (5%)
• Property value - c.500K 

From looking on Clearscore, I have a very good credit rating
I have recently experienced some temporary furlough - will this impact borrowing capability?
Should I pay down the debts with the deposit savings we have? I'm not rushing to do it as the fixed interest rates are quite low. 
Would any lender consider lending to us? 
With Brexit looming I'm not sure whether now is a good time to commit... 

We have a couple of members here who are in the business, wait for them to answer before doing anything.

Thank you for taking the time to comment, much appreciated - I will wait a few more days to see if anyone else has any advice or opinion before I do anything further.