Got big-ish debts but would like to look for a mortgage

Daddyo

Hi all,

My GF and I are giving thought to getting a place of our.

Heres the facts:

Me - debt £33k, income £16500
GF- no huge debt but bad history, income £15000

Can we do get a mortgage ? If so who from ??

Figured that getting a large mortgage that ate up my debt would make the debt work for me as I currently pay £300 a month at it.

Thoughts, opinions and advice would be gratefully received.

Daddyo

Anyone ??????

maryjane01

Your debt is twice your annual income. How did you get into that situation? How do you think you will make mortgage and other debt repayments if you have obviously not successfully been able to live on your current income?

Nothing ish about it. That debt is big

aderbyshirelad

How do you plan on making your mortgage "eat up" your existing debt?

It sounds as though you're trying to be a bit too clever and inventing a way to solve your big problem.

Deal with the problem first, i.e. clear your large debts as quickly as you can manage then start saving for a deposit. Truth be told, from what I've read on the boards here, you'll find it very difficult to get a competitive mortgage with no deposit in the first place, let alone with the big debts you have.

Paying off the debt will be a big help to you changing your behaviour and make it more likely that you'll be able to manage a mortgage when you eventually get one.

Getting more debt isn't a good move. Don't be too disappointed - loads of posters here think that if you wait a few years you'll be in a much better position as house prices will have fallen...

Daddyo

It was gambling debts.

Robert_Sterling

Mortgages might eat up your income but they certainly do not eat up your debts.