Changes of getting a £5000 YBS deposit mortgage as low earners in the South East?

dean34smith

Hi, just looking for some advice from people who have recently gotten the Yorkshire Building Society £5000 mortgage? 
We're looking if possible to get onto the property ladder after living in partners mums out house. We need to move asap so saving for a typical deposit isn't an option either.  
We've seen the YBS £5000 deposit mortgage which looks perfect for us especially as we do not have the bank of mum and dad or anyone who can lend us money for a typical 5-10% deposit.
We're 29 and 35 with a combined income of £54'428, we're looking at buying just outside Brighton where properties aren't cheap, we're looking at a house price of at least £290'000. 
I have a fair credit score and my partner has a good credit score. Both with no previous CCJ's, bankruptcies eg. Both with a credit card debt but only roughly £900-£1000 each.
Has anyone got an experience with these types of mortgages? Or any words of wisdom.
Or are just destined to rent for the rest of our lives? 
Thank you.

lovemula21

Have you used the ‘how much can I borrow’ calculator? Mortgage lenders typically lend up to 4.5x your combined salary so based on that you may need to find a cheaper place. £200k-£245 maybe the upper end for you but worth checking to see what is possible. 

dean34smith

lovemula21 said:

Have you used the ‘how much can I borrow’ calculator? Mortgage lenders typically lend up to 4.5x your combined salary so based on that you may need to find a cheaper place. £200k-£245 maybe the upper end for you but worth checking to see what is possible. 

I have but none state about how much we can borrow with the £5000 deposit or 100% mortgage. 

amnblog

Likely £240,000 max borrowing on £245,000 purchase based on these figures. (Figures from a similar £5,000 deposit deal available via Brokers).