FTB advice on whether we would get a mortgage

40FTB2020

We are both 39 and have 3 children. Never been able to get on the property ladder before but due to inheritance we will have some money to put towards a deposit finally. 

Basics figures are 
both work. Joint income including regular on-call allowance and car allowance is £80k. 

Debts are about £3k total on 2 credit cards, about 9k on a car loan, and we also pay for another car on lease. (The car allowance that my husband receives pays for both the car loan and the car lease) 

we don’t have childcare costs. 

Credit scores are not fantastic but no ccjs etc but some historical missed payments a couple of years ago. 

We will be receiving £25k and have £5k savings. We will also be able to borrow 10-15k from mother-in-law as an informal long term loan eg so will be able to say it is a gift. 

Houses we are looking at are 300k with a view to offering £280. 

We are in wales so even with the stamp duty reductions would still need to pay £2k land tax (increasing to about 4-4.5k once the current reduction ends next year) 

So I’m guessing what I’m asking is
- would we actually be able to get a mortgage?? Or do we not have a chance in hell of finding a decent mortgage? 

- would we be better buying now Or waiting until next year. Do you think houses prices are bumped up currently by pent up demand and the stamp duty holiday? Will the fall next year? Will 90% mortgages be back on the table?

any advice would be great fully received. 

haras_n0sirrah

If you can get to 15% deposit it should be doable. At the moment 10% is squeaky clean credit so you should be aiming for 15.
Speak to a broker. If you dont have one some of us who post here are brokers and we can be identified by our signatures. We are not allowed to approach posters but most of us are happy to respond to pm's asking for help.

RauHughes

I have a default from 2016, settled in 2018, a significant number of payday loans from 2017-2019 and 3 months arrears on a mobile contract from 2018. I got my mortgage offer from a high street lender yesterday @ 85% LTV.

We didn't think we'd have a chance for another few years, or at least be stuck in the sub-prime market if we did. We now have a mortgage offer at 2.24%. Speak to a broker. I'm sure there are options.