Hello everyone
I would appreciate some advice please.
My husband and I would like to apply for a mortgage soon but Im worried we wont get accepted. Can you let me know what you think our chances are please?
We have £21,000 saved up (saved over a period of four years on and off)
We would like to buy a house for about 175k and put down a 10% deposit.
I earn £21,000 a year and have worked at the same place for 6 years.
Husband earns £28,000 a year (plus 3k or 4k in overtime), worked at the same place for 2 years.
We do have some debts which I am worried may mean we wont be able to get a mortgage.
I have car finance – 3 years left at £149.00 a month
Husband has a loan with is £170 a month about 18 months left
I owe £3,400 on a credit card, limit is 4k, I pay off about £200 a month on this (more than the minimum payment) and no longer use the card for spending as concentrating on clearing it now.
I have a couple of other credit accounts that I don’t use, only small limits on them.
Husband has a credit card with a limit of 4k, rarely used, always paid off in full.
I also have an overdraft facility for £1100, I often utilize this but it is always cleared and back in the positive by my salary going in each month. I will be paying it off and removing it from my account in the next couple of weeks.
We have never missed payments on anything eand I check our credit files every few months – all looks fine on them - all green marks.
We dont struggle to pay our bills at all, we pay our rent, household bills, debt repayments, save a few hundred - 1k each moonth and still have a life.
I think the fact that I use my overdraft often is what worries me the most....
Thanks in advance to anyone who replies. Thank you :-)
I would appreciate some advice please.
My husband and I would like to apply for a mortgage soon but Im worried we wont get accepted. Can you let me know what you think our chances are please?
We have £21,000 saved up (saved over a period of four years on and off)
We would like to buy a house for about 175k and put down a 10% deposit.
I earn £21,000 a year and have worked at the same place for 6 years.
Husband earns £28,000 a year (plus 3k or 4k in overtime), worked at the same place for 2 years.
We do have some debts which I am worried may mean we wont be able to get a mortgage.
I have car finance – 3 years left at £149.00 a month
Husband has a loan with is £170 a month about 18 months left
I owe £3,400 on a credit card, limit is 4k, I pay off about £200 a month on this (more than the minimum payment) and no longer use the card for spending as concentrating on clearing it now.
I have a couple of other credit accounts that I don’t use, only small limits on them.
Husband has a credit card with a limit of 4k, rarely used, always paid off in full.
I also have an overdraft facility for £1100, I often utilize this but it is always cleared and back in the positive by my salary going in each month. I will be paying it off and removing it from my account in the next couple of weeks.
We have never missed payments on anything eand I check our credit files every few months – all looks fine on them - all green marks.
We dont struggle to pay our bills at all, we pay our rent, household bills, debt repayments, save a few hundred - 1k each moonth and still have a life.
I think the fact that I use my overdraft often is what worries me the most....
Thanks in advance to anyone who replies. Thank you :-)