What are our chances of getting a mortgage? First time buyer

[kimi190]

It looks like I might be inheriting 50k soon and was wondering what people thought our chance would be of getting a mortgage...

Me and DP have a DD 7 months. When I return to work in a few weeks I will go back full time and earn about 27k, my DP earns 22k... so 49k in total. The thing is our DD will be in nursery and that will cost us about £750 - £800 per month. Plus we live in the South East and in the area we are looking in, the average sort of 3 bed semi or terraced are at least about 230k - 240k... to get a decent one i think it will be more like 250k. What do you think our chances are of being lent upto 200k??
We don't have any debts or loans or anything on credit cards. Thanks.

I'm no expert but you sound like a safe bet to me. Good luck.

Various banks have mortgage calculators on, I had a quick look on Halifax and from your income it says you could borrow up to 210k. It hasn't asked for a deposit amount and I didn't put your childcare in. These factors I imagine would be thrashed out in a proper application, and affect the rate etc.

But it certainly look possible. Might be worth having a look around a few different banks/lenders and playing with the calculators to see what you would be able to get.

I think you stand a very good chance of being made an offer if you have a significant deposit to put down and regular employment. But what I would say is to look very carefully at what that means in terms of monthly payments and shop around for the best deals. A £200k repayment mortgage paid back over 25 years @4.5% interest would cost you £1112/month, for example. Add on your childcare costs and that's nearly £2000 of your take-home gone before utility bills, council tax and so forth. So make sure your budget includes some wiggle-room for savings as well as the regular outgoings. Unlike renting, owning a home means you're responsible for maintenance and repairs and interest rates can occasionally rise. Good luck

Think u should be able to get 200k. Me & my partner bought our first hse for 200k in 2011. We had a 30k deposit & he earnt 40k a yr (I'm currently not wking). We, like u, were looking in the south east & went through an independent financial advisor who got us the best deal. Over 35yrs we paying around 750 a mth for our mortgage. Get a financial advisor who gets paid by the bank when u take out a mortgage. Hope that helps!