i just really don't know what to do help!!

noonoo24

hello everyone

i have just found out my fiance has a loan of 30,000 im so shocked. we were planning to look for houses and therefore he had to confess. i just don't know how this is going to affect us with getting a mortgage. does anyone have ANY advice on how to deal with this.

Willsnarf1983

i'd not really be that worried about the amount but why he has got into debt. You need to sit down and talk to him about this and find out the reasons. The maybe look for a solution that is both sensible and correct

Will

Starry-eyed_surprise

Hi noonoo24. I don't really have any advice in this situation but wanted to offer my sympathy. This must be a big shock for you. Far better to find out now and at least he has had the courage to tell you. You have a chance to sort things out together. Is he able to service this level of debt comfortably or not because I guess this makes a difference to your decision on whether to apply for a mortgage or not. I am sure other people will come along and offer advice soon. Welcome to DFW by the way.

jobbingmusician

Are you going to try to tackle this debt together? Because if so, folk on this board can give you LOTS of help and support!

Of course you are shell-shocked at the moment. But this level of debt sounds manageable, there are lots of people on here with MUCH bigger debts (even people on very low incomes!) and there are a range of strategies to help you both. Welcome to the board - it all starts to get better from here! :grouphug:

Rusco

Hi,

First thing to do is get him to register on here and to start reading! loads of great advice

noonoo24

thank you both i know it is a hard one. basically it all happened before we met when he was between ages of 18-21 those stupid years when you just don't realise what is happening with credit cards and all sorts. he is paying it back monthly and still leaves him enough to easily live on and put toward a mortgage but i just don't know if any bank will look at us because of this xx

whatatwit

I would think that any lender would take it into account and count his repayments as reducing his available income to service a mortgage.
If he has kept up with the repayments etc then that may count in his favour.

K9cuddles

I think you defo need to sit down with him and find the ins and outs.

To rack up 30k in 3 years is impressive/scarey!! You say he's got enough to cover the mortgages.. is he only paying the min. repayment on he's existing debt? He should really focus on getting this paid off.

lynzpower

I dont want to alarm you here, but what one lender did was, when I was looking for a mortgage, was take my debt & multiply by 3 then deduct from what they would lend. So in your case, if they still do this, it would be 90k less - which puts house buying off the map for a whle. But other lenders didnt, but i paid a large fee ( waste) to get with a lender that didnt.

overspending & poor budgeting ( hey, ive done it!) is best sorted before getting a mortgage - i didnt and learned the hard way.