Help or advice needed!!!

stevegriff

Hi there all, i am currently in the process of buying our first house with my wife.. we have found the place, got an offer accepted and sorted the solicetors and surveyor out....now we are having trouble getting a mortgage after one was agreed in principle.

We have credit cards and loans which we can not pay off, and require a 90% mortgage. We have applyed with hsbc, but now have to wait for a couple days for an answer. I am not holding my breathe for a yes, so would like help of advice on where to look and apply next. Thankyou in advance,

Steve

_Andy_

You say you had trouble getting one approved - could you expand on that? Are you referring to HSBC?

richardginger

If you have credit cards and loans which you cant pay off, how will you pay a mortgage. If you cant pay your loans and credit cards this will in any event affect your credit rating and it is unlikely that any bank will lend.

McKneff

richardginger wrote: »

If you have credit cards and loans which you cant pay off, how will you pay a mortgage.

stevegriff

i have no problem paying off what i owe, i just cant afford to pay them off out rite, im not behind or missing payments, and it does not take all my money up, i just know that it affects our rating. We have had one agreed in principle, but now we have to wait because i think the first lady did not take out other comitments into account

herbiesjp

You would need to post your incomes, and the cost of each monthly commitment, along with the mortgage amount needed

Leon_W

Agree with herbiesjp.

In order that any of the brokers here can give posters even a rough idea of what is possible, then posters have to include incomes, credit card balances and any loans outstanding as a minimum plus any adverse credit history.

Without the above, everything is just a stab in the dark with dire consequences for credit scores.

stevegriff

ok, monthly take home of approx 2000 a month after tax
outgoings of approx 650 per month excluding mortgage/rent

outstanding card balances between us is 5000 approx and outstanding loan of approx 7000 in total...not good i know.

herbiesjp

We need gross annual figures

We need the mortgage amount you are looking for

We need a breakdown of the commitments and the payments on each i.e.
Card 1 £2000 balance pay £35pm
Loan balance of £4500 pay £150 pm

Joe_Bloggs

How much of a deposit do you really have ? If you are trying to save up for a deposit whilst building up debt on credit cards then you are making a very common mistake.
MSE Martin has considered views on the matter here.
J_B.