Mortgage + Debt = ?

madeforidiots

Hi

My fiance! and I have found a place that we are looking to purchase.

The mortgage is £80,000 and she has the 10% deposit.

I however have £4,500 debts.

Would it be best for her to get the mortgage on her own as I may hinder the application or to do it together as we'd have combined salaries?

My debts are roughly expected to be paid off by 2012 but I want them gone ASAP!

somethingcorporate

Having a debt in itself does not automatically detract significantly from a mortgage application. If it has been managed well (no defaults etc) it would have had a positive impact on your credit score.

At present we know little about your situation with regard to salary levels etc to say much about whether you would be required to go on the mortgage application just to pass the affordability. If no-one with debt was allowed to apply for a mortgage very few would be getting approved!