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Pay off debts before mortgage application?
tele2
Posts: 29 Forumite
My Brother-in law is in a dilema. He wants to move house and requires a mortgage. He has £10,000 of debts and wants to know whether it is better to pay off the debts before the mortgage application or whether he will be accepted for the mortgage with the condition the debts will be paid off.
He is reluctant to use the savings he has built up to pay off his debts before he knows whether he will be accepted. Even without the debts, he has enough for a 25% deposit.
To what advice should I give him? Is it possible to be accepted for a mortgage with the condition that the debts will be paid off if he is accepted?
Any advice much appreciated.
He is reluctant to use the savings he has built up to pay off his debts before he knows whether he will be accepted. Even without the debts, he has enough for a 25% deposit.
To what advice should I give him? Is it possible to be accepted for a mortgage with the condition that the debts will be paid off if he is accepted?
Any advice much appreciated.
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