Higher mortgage after debts

Sparkeler

Hiya... I was hoping for some advice please... I hope I'm posting in the right place!

I have done 1 year of a 6 year debt management plan and now some lovely relatives are lending me the money to pay it all off so I'll be debt free.

My husband and I have a mortgage for £83k but would like to move. We would like a £100k mortgage with a £20k deposit. My husband has no credit problems. Does anyone know how long it will be before I can get a higher mortgage once all my debt is paid off?

Thanks in advance for any advice...

jenny_13

Do you have any CCJ's? Also what is your annual salary as this will have an effect on how much you can borrow.

It might be worth going to see an independent mortgage advisor to discuss your options.

I'm sure someone will come along with more detailed advice.

Sparkeler

Thanks for the reply. Idon't have any CCJs - just £15k of unsecured personal debt on credit cards and loans which will be wiped off by the end of the month.

We have a joint annual income of about £36k. I have put our info into morgage calculators and the result is a range from 107k to 151k(!), but of course they don't know my circumstances. I just wondered if it would be a matter of years or months before we could move really. I know with my debts I couldn't get anymore than the £83k we already have.

The mortgage adviser is a good idea. Thanks

jenny_13

It's possibly best to wait a while although I don't know how long so you need to speak to a specialist. With your income there should be no problems although you might be offered higher rates than normal.

Radiantsoul

You have to disclose on a mortgage application that you have come to an arrangement with creditors and I am sure that will scare off many lenders. You might consider approaching a broker, my guess is that you may be able to get something, but you will have to pay quite a lot as after fees and moving costs you probably only have a 15% deposit.