Mortgage, Chances of approval

[Lara1]

Hi all, wondering if any of you could give me an idea of whether or not we may be approved for a mortgage, and if there is anything further we could do to improve chances;
Joint Application, looking for a house with a MAX value of 200k.
Mortgage will be for 90 per cent over 35 years.
Have 20k, will have the extra for fees etc at time of application, most of this was inheritance, saving 450 p/m for 6 months. Paying 1200 rent monthly by standing order for the past four years, saving full child benefit of 260, rest is from wages. We own all of our furniture so do not need money for this.
I am 26, partner 28.
Partner in permanent employment with Ladbrokes for previous 6 years,earning 30k.
I am self employed for 3+ years, earning 15k each year. This is tax exempt. I have a level 8 degree and will return to employment when the kids are in school. Earning as much as I would be now if working full time while paying childcare. Degree in social care.
We have two children.
No court orders or judgments.
No loans, no credit card debt, clean credit history. Partner has never had a loan, my last was five years + ago.
Savings and rent visible in accounts.
No overdrafts and well managed current accounts.
First time applying for a mortgage.

I have my own accounts done up, but these are not by an accountant. Expenses are minimal- 500 per year. Tax exempt. I have my notice of assessments but there is not much on these since it is tax exempt income.I have a letter from revenue stating my declared earnings each year. Weekly earnings lodged to bank account each week.

 

[Laughahalla]

You have the deposit.You can show that the mortgage repayments would not be a problem as your rent is currently higher than the mortgage repayments.
You haven't had any debts in years. (This ironically may go against you)

Banks give first time buyers 92 % mortgages. Try more than one bank.
You sound like an ideal candidate for a mortgage of this size.

 

[Berni]

They work out how much you can afford 3 ways, and give you the lowest.

On gross income, you'd be looking for 4 times joint income, which should be ok.

Your existing rent payment and savings history show plenty of payment capacity.

You may be cutting it fine on net disposable income. For a family of 4, you need about 2,500 left after debt payments, so your net income needs to be at least 3,600 to cover that mortgage size.