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will i be allowed a mortgage?
annie2610
Posts: 21 Forumite
Not sure if this is the right place for this thread but i need help!
Im looking at buying a house with my OH, i have a loan of 5k AND £600 on 2 catalogues. i want to close both catalogue accounts when i finish paying them. Will these effect my ability to get a mortgage? Is it worth getting an interest free credit card to pay off my catalogues or will that again effect my ability to get a mortgage?
Any advice is appreciated
Im looking at buying a house with my OH, i have a loan of 5k AND £600 on 2 catalogues. i want to close both catalogue accounts when i finish paying them. Will these effect my ability to get a mortgage? Is it worth getting an interest free credit card to pay off my catalogues or will that again effect my ability to get a mortgage?
Any advice is appreciated
0
Comments
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Depending on what you earn, you'll have no problems getting a mortgage. I deal with people with more debt than you everyday and they are fine!
Saving and spending in equal measure0 -
Changing it to an interest free credit card will not make any difference, as the balance is the same.
The figures you quote are on the low side.
Lenders will annualise your loan repayment i.e 12x£....(monthly loan payment)
They will also take either a 3% or 5% figure (depend on lender) for your card balances and do the same.
They will then deduct these figures from your incomes before looking at income multiples.I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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