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First time buyer - Affordability

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  • First time buyer - Affordability

    Good morning lovely people,

    Myself and my partner have been saving hard for our first home over the last few years and now we ( hope ) are in a position to do some serious looking.

    We are looking to buy a property in the region of approx. £220k and have a 10% deposit.

    What we are worried about is whether we will actually stand a chance of qualifying for a mortgage based on our "regular" income:

    Salary 1 - £30k + 2.8K car allowance

    Salary 2 - £9k

    In addition to the above, we do own a LTD company ( just over 12 months old ) which over the last 12 months generated £14k profit - money not yet drawn but will be used towards the 10% deposit mentioned above.

    We have no debts, other than a car loan to a value of £200 p/m. We also have 1 child.

    We both hold an experian credit score of over 950.

    I realise that we will need a "paid for" advice to get all the details, but would like to understand what position we are in before seeking such advice.

    Thank you all very much