Posted on 23 April 2012 by Claire
I am a first time buyer and have saved the 10% deposit.
I earn £46k a year and my partner £15.5k.
We are looking fr a joint mortgage of £135k.
I have credit card debts and a loan totalling £12k and we both have cars on finance.
I have never missed a payment, and so was surprised to see my experience score is only 817.
Do you think we will have difficulty securing a mortgage?
Your Experian credit score is only an indication of what lenders might think when they look at your credit file and as it is scored from 0 - 999, I think your score of 817 should stand you in good stead.
Your credit file is only part of the information lenders use to assess who to lend to and my main concern for you and your partner is the amount of debt you hold and what this costs you each month. With a joint income of £61.5k and mortgage of £135k should be easily affordable, but the amount you can borrow will depend on just how much your monthly credit commitments are. You can check just how much effect this has for yourself by using the affordability calculators found on most Banks and Building Societies websites.
I believe we can help you and that you would benefit from speaking to one of our independent mortgage advisers. Please call 0344 346 3672 and tell the consultant the date and title of your question, they will then be able to help you find the right mortgage for your situation.
Answers provided in response to Ask the experts are based on the information provided and do not constitute advice under the Financial Services & Markets Act. They reflect the personal views of the authors and do not necessarily represent the views, positions, strategies or opinions of John Charcol. All comments are made in good faith, and John Charcol will not accept liability for them.
We recommend you seek professional advice with regard to any of these topics where appropriate.