Hiya
I'm looking to buy my first property ASAP.
I'm 34 with 3 dependant children. The mortgage will be in my name only.
I earn £9k a year working part time although my total income (from child benefit / tax credits / disability living allowance) totals about £20,000.
I have a deposit of £100,000 and I'm looking to borrow about 45k in order to buy something like a 3bed ex council house.
I have had an HSBC bank account for 20years and a couple of months ago they offered me a credit card with a limit of £5700 which I didn't accept as I had no need for it.
As far as I know my credit score is good, no defaults and everything paid on time. I have a couple 0% credit cards with approx 2k on them, a car loan which will end in April and about 5k in savings / ISAs already held at HSBC.
I have worked for the same employer for 14 years.
Basically what are my chances of borrowing 45k? I'm guessing the 3 dependants and low salary will throw a spanner in the works. I don't even know where to start! Should I approach a broker first or is it worth speaking to HSBC?
Hope someone can take an educated guess for me!
I'm looking to buy my first property ASAP.
I'm 34 with 3 dependant children. The mortgage will be in my name only.
I earn £9k a year working part time although my total income (from child benefit / tax credits / disability living allowance) totals about £20,000.
I have a deposit of £100,000 and I'm looking to borrow about 45k in order to buy something like a 3bed ex council house.
I have had an HSBC bank account for 20years and a couple of months ago they offered me a credit card with a limit of £5700 which I didn't accept as I had no need for it.
As far as I know my credit score is good, no defaults and everything paid on time. I have a couple 0% credit cards with approx 2k on them, a car loan which will end in April and about 5k in savings / ISAs already held at HSBC.
I have worked for the same employer for 14 years.
Basically what are my chances of borrowing 45k? I'm guessing the 3 dependants and low salary will throw a spanner in the works. I don't even know where to start! Should I approach a broker first or is it worth speaking to HSBC?
Hope someone can take an educated guess for me!