Hi All,
I am new to this forum and have joined in the hope of receving some advice that may assist me in getting my first mortgage. The situation is as follows:
I am 25. I live in Scotland. I am trainee solicitor with a present annual salary of £16,200. I have a partner however she is a student with little to no income and so any mortgage application would by made by me only.
My current credit score is 363. This is due to me defaulting on a credit card in May 2011 (my student days). I have recently taken out a Capital one credit card and intend to use this to try and boost my credit rating.
My salary will increase to a basic £19,400 in May. I will also be given a £250 per month allowance for a car. Adding a further £3000 to my salary.
I have been looking at shared equity properties as a possible way on to the property ladder. These properties will be available in May, when my salary increases.
Based on that salary increase I have been assessed as being able to affored to purchase 60% equity in a suitable property. A 1 bedroom property valued between £130,000 and £144,000 with a 60% purchase price between £78,000 and £86,400.
The individual who carried out the assessment for these properties if also available if I wish to instruct him to try and obtain a Mortgage Promise of Loan in Principle. However, following initial discussions I am not entirely sure that is my best option. The default in May 2011 was on a HBOS Card and he suggested HBOS as the only appropriate lender, which I thought to be counter intuitive, although perhaps entirely correct. I think this may be because he is not whole of market although I didn't put this to him at the time as I wasn't aware of the concept. I suspect there may be a broker out there more suited to my needs/circumstances.
I am not restricting myself to shared equity and I am open to other opportunities.
How much I can raise for a deposit is not certain, however, I would consider £5000-£10,000 at most.
My questions/thoughts are:
Will the default in 2011 automatically preclude me from obtaining a mortgage?
Are HBOS the best lender for me?
Can I apply for a mortgage based on a projected salary?
Any advice is greatly appreciated and if any further information is required let me know.
Thanks
I am new to this forum and have joined in the hope of receving some advice that may assist me in getting my first mortgage. The situation is as follows:
I am 25. I live in Scotland. I am trainee solicitor with a present annual salary of £16,200. I have a partner however she is a student with little to no income and so any mortgage application would by made by me only.
My current credit score is 363. This is due to me defaulting on a credit card in May 2011 (my student days). I have recently taken out a Capital one credit card and intend to use this to try and boost my credit rating.
My salary will increase to a basic £19,400 in May. I will also be given a £250 per month allowance for a car. Adding a further £3000 to my salary.
I have been looking at shared equity properties as a possible way on to the property ladder. These properties will be available in May, when my salary increases.
Based on that salary increase I have been assessed as being able to affored to purchase 60% equity in a suitable property. A 1 bedroom property valued between £130,000 and £144,000 with a 60% purchase price between £78,000 and £86,400.
The individual who carried out the assessment for these properties if also available if I wish to instruct him to try and obtain a Mortgage Promise of Loan in Principle. However, following initial discussions I am not entirely sure that is my best option. The default in May 2011 was on a HBOS Card and he suggested HBOS as the only appropriate lender, which I thought to be counter intuitive, although perhaps entirely correct. I think this may be because he is not whole of market although I didn't put this to him at the time as I wasn't aware of the concept. I suspect there may be a broker out there more suited to my needs/circumstances.
I am not restricting myself to shared equity and I am open to other opportunities.
How much I can raise for a deposit is not certain, however, I would consider £5000-£10,000 at most.
My questions/thoughts are:
Will the default in 2011 automatically preclude me from obtaining a mortgage?
Are HBOS the best lender for me?
Can I apply for a mortgage based on a projected salary?
Any advice is greatly appreciated and if any further information is required let me know.
Thanks