Am I close?

DarrenHughes

I earn 33k and my wife earns 40k. We have 17k in saving and another 7k currently in shares. My wife is foreign but has indefinite leave to remain. She has never owned a property, I have but I understand we qualify as first time buyers with her first on the mortgage. Basically I’m waiting for a few 95% mortgage offers to come on the market then I’m hoping we can buy. We both have good credit scores. Is there anything I’m missing? Hopefully we’ll have at least 30k by September time and would like to borrow around 340-350. The issue has been we both earn well but don’t have the deposit for the amount we can borrow to get somewhere decent but with the 95% mortgage I’m hoping we can get on the ladder

K_S

@DarrenHughes For mortgage purposes, ILR is materially the same as citizenship so that isn't an issue. I'm assuming you're aware of that.

The definition of FTB differs from lender to lender, some require both to never have owned a property. In any case, that shouldn't stop you from accessing the 95% mortgages as there will be both FTB and non-FTB products.

https://forums.moneysavingexpert.com/discussion/6250851/95-ltv-mortgages-5-deposit-mortgages-2021

MWT

DarrenHughes said:

I earn 33k and my wife earns 40k. We have 17k in saving and another 7k currently in shares. My wife is foreign but has indefinite leave to remain. She has never owned a property, I have but I understand we qualify as first time buyers with her first on the mortgage.

From a Stamp Duty perspective neither of you will be considered as a FTB because your are married, but you probably already worked that out...

[Deleted User]

DarrenHughes said:

I earn 33k and my wife earns 40k. We have 17k in saving and another 7k currently in shares. My wife is foreign but has indefinite leave to remain. She has never owned a property, I have but I understand we qualify as first time buyers with her first on the mortgage. Basically I’m waiting for a few 95% mortgage offers to come on the market then I’m hoping we can buy. We both have good credit scores. Is there anything I’m missing? Hopefully we’ll have at least 30k by September time and would like to borrow around 340-350. The issue has been we both earn well but don’t have the deposit for the amount we can borrow to get somewhere decent but with the 95% mortgage I’m hoping we can get on the ladder

Highlighted bit is what you are missing. The credit score is a mythical number that no-one but you ever see - it is never seen by the lender, nor is it ever used to judge your application. Lenders use the data on your file to make their decision based on their own scoring process that you will never see. What matters is what is on your (and her) credit history only, check all 3 lenders and make sure you're not paying for that report when you can get the free one online.

lonibra

Never say never Farfetch. There is a lender who uses the Experian score in their criteria. Cannot be less than 600.