First time buyer in London ~ Advice, Mortgage HTB Shared Ownership?

Dseed100

Hi all I would appreciate peoples advice. I had posted in another section of the forum but someone suggested I try here too.

I live in London (Hackney) currently renting , and am a single 36yr old looking to potentially buy my first property after April. I have one last default on my credit report that clears following 6yrs in March 😇 so should be all good then, my credit file is perfect except for that.

I work for the NHS as a nurse and earn £57,000 per year, so a good solid reliable job. I have zero debts or dependants, except for 1 credit card which I spend roughly £200 a month on and always pay the whole balance fully every month. 

My outgoings per month for rent and bills are roughly £1050. I also pay into the NHS pension 12.5% contribution. Take home pay is around £3100 per month.

I will have roughly 25k deposit, could maybe push for 30k. 

I wanted to know thoughts on if I would get accepted on a mortgage for a 1 bed flat with a rough cost of 275k to 300k.

failing that I’m considering either help to buy scheme or shared ownership (50%)

what are peoples thoughts on my situation? I would really appreciate any advice or people who have done similar?

Thanks
Daniel

K_S

@dseed100 Based on the limited info in your post, and assuming the 57k is guaranteed pay, I see no evident reason why you wouldn't be able to borrow enough for a 300k purchase with a 10% deposit after the credit history is all clean.

Dseed100

K_S said:

@dseed100 Based on the limited info in your post, and assuming the 57k is guaranteed pay, I see no evident reason why you wouldn't be able to borrow enough for a 300k purchase with a 10% deposit after the credit history is all clean.

Hi K_S thanks for your response, yes the 57k is guaranteed pay and I’ve worked for the NHS for over 10years so very stable employment. 

Ok that’s good to know, I wasn’t sure if lenders were doing 90% mortgages at the moment.
Thanks so much 😇