Hi all,
My wife and I are currently renting. Her nan has said that she is willing to gift her the 5% deposit required for the "help to buy" scheme to enable us to get a mortgage, instead of getting it in the will.
So the situation as it stands is as follows:
My Income: £50'000 + ~£3000 p/a extra
Wife Income: £30'000
Total Income: £80'000
My debt:
£50'000 unsecured loan (for training, never missed a payment in 3 years, 4 years remaining, monthly commitment £1000 - I make loan repayments before paying tax and NI and therefore class my salary as £38'000)
£4000 student loan (monthly commitment £150)
£400 Barclays Loan for laptop (could pay off in a couple of months)
£250 credit card (again could pay off in a couple of months)
Her Debt:
£8000 mix of credit cards and overdrafts, paying off slowly (monthly commitment min. payment around £300, she's currently paying 5-600)
£9000 Student loan (monthly commitment £150)
I have checked my credit rating on experian and its "Fair", a score of around 870, mainly due to the high level of borrowing. Her's is also fair to good.
We are currently paying £1500 in rent (yes I know it's a lot...) but haven't missed a payment on anything ever, so could easily afford a mortgage if we were accepted.
We haven't applied or tried saving before because we have tried to always pay off the debt first- but now with the kind offer from her nan and the government scheme it's something we have now been considering.
So the question is - what are the chances of getting the 75% mortgage and being accepted for the 20% laon from the government? I am seeing a broker next Wednesday but would like some advice beforehand, and if you have any advice on what to ask him as well that would be great. I understand we would have to buy a new build and that isn't an issue. We would be looking at houses between £250k-£300k.
Thank you so much in advance.
My wife and I are currently renting. Her nan has said that she is willing to gift her the 5% deposit required for the "help to buy" scheme to enable us to get a mortgage, instead of getting it in the will.
So the situation as it stands is as follows:
My Income: £50'000 + ~£3000 p/a extra
Wife Income: £30'000
Total Income: £80'000
My debt:
£50'000 unsecured loan (for training, never missed a payment in 3 years, 4 years remaining, monthly commitment £1000 - I make loan repayments before paying tax and NI and therefore class my salary as £38'000)
£4000 student loan (monthly commitment £150)
£400 Barclays Loan for laptop (could pay off in a couple of months)
£250 credit card (again could pay off in a couple of months)
Her Debt:
£8000 mix of credit cards and overdrafts, paying off slowly (monthly commitment min. payment around £300, she's currently paying 5-600)
£9000 Student loan (monthly commitment £150)
I have checked my credit rating on experian and its "Fair", a score of around 870, mainly due to the high level of borrowing. Her's is also fair to good.
We are currently paying £1500 in rent (yes I know it's a lot...) but haven't missed a payment on anything ever, so could easily afford a mortgage if we were accepted.
We haven't applied or tried saving before because we have tried to always pay off the debt first- but now with the kind offer from her nan and the government scheme it's something we have now been considering.
So the question is - what are the chances of getting the 75% mortgage and being accepted for the 20% laon from the government? I am seeing a broker next Wednesday but would like some advice beforehand, and if you have any advice on what to ask him as well that would be great. I understand we would have to buy a new build and that isn't an issue. We would be looking at houses between £250k-£300k.
Thank you so much in advance.