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    • selement
    • By selement 11th Mar 17, 11:52 AM
    • 442Posts
    • 1,889Thanks
    FTB - is this likely to be possible?
    • #1
    • 11th Mar 17, 11:52 AM
    FTB - is this likely to be possible? 11th Mar 17 at 11:52 AM
    Our situation:
    - Husband and I hoping to buy our first house together. We are in our late 20s and have no kids yet.
    - Hoping to buy a new build property using H2B Equity loan that costs around 200k
    - We have 5% deposit of 10k
    - Combined salary of around 48k
    - Government Equity Loan of 40k using H2B scheme. so would be looking for mortgage of around 150k
    - Combined credit card debt of 15k (on 0% credit cards, no missed payments etc)
    - Have a PCP car scheme which is showing up as 9k balloon payment on credit report. Got this in December so I appreciate it might be advantageous to wait till after June so the credit application is no longer in previous 6 months at least

    We were going to wait till next year when we would have had time to make more of a dent in credit cards, but getting a little impatient and was wondering if we'd be likely to be able to get a mortgage? I know talking to a broker would be the best bet but if it's a total waste of time would like to know!

    We haven't even looked at the new build development yet, we almost don't want to get our hopes up if we're likely to be disappointed. They are stopping building there before next year so we would be looking at a different development anyway if we wait.

    Would I also be safe assuming if we were looking at a 90%LTV on an older house that is even less likely to be possible with our debt? There's not many houses on the market cheap enough for this anyway!
    Trying to lose weight (13.5lb to go)
Page 1
    • kingstreet
    • By kingstreet 11th Mar 17, 1:17 PM
    • 33,173 Posts
    • 17,908 Thanks
    • #2
    • 11th Mar 17, 1:17 PM
    • #2
    • 11th Mar 17, 1:17 PM
    One lender will offer 208,500 over 35 years assuming the car costs no more than 200pm and there are no ground rent, service charges nor student/season ticket loans.

    It also meets Government HTB affordability requirements using the same assumptions.

    On a non-newbuild, you can borrow 204,000 on 90%.

    Lender picked as it usually offers towards the top end and has an easy calculator.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
    • selement
    • By selement 11th Mar 17, 1:44 PM
    • 442 Posts
    • 1,889 Thanks
    • #3
    • 11th Mar 17, 1:44 PM
    • #3
    • 11th Mar 17, 1:44 PM
    Thank you, it might be possible then?

    No idea on service charges/ground rent as we haven't begun discussions yet. It is common with new build though I know...

    We do have student loans but no season tickets (one of us earns 29k, other 19k)
    Car is 156 per month
    Trying to lose weight (13.5lb to go)
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