in debt can i get mortgage

davied

Hi can someone get a mortgage if one is in debt already. Would take out a loan once i had the house to sort out finance once and for all. New build company say they will pay 5% deposit and stamp duty which adds up to more of my debt. so will make it up in equity.

Any thoughts

Ian_W

Hi davied,
I think you're gonna have to be a bit more specific about the debt, how much you earn and how much you want to borrrow for anyone to give any half way sensible advice.
Being in debt could be anything from £500 to £50,000, could mean CCJs, defaults etc and it will affect your ability to get a mortgage.
I would also question whether the 5% deposit would mean you'd more equity than debt as developers often inflate the price so they can then offer incentives such as "deposit paid" to attract buyers. Many brand new properties take a while to actually reach a resale value over the new sale price - if that makes sense.

MortgageMamma

As Ian says please be more specific about the situation and I will try and help you out

Lisa