Getting a mortgage when you have debts

ronnie_2

Congrats on the marriage:beer:

Its a pity you spent whatever savings on your marriage however its hopefully the only "special day" you will have.

You are paying a lot for your rent and with the debts that you have to service i guess you dont have a big surplus left over each month. Also your affordability ratio wont be good either.

Theres no doubts if you got a mortgage that was around the same as your rental payments that you could clearly afford this, get yourself to see a independent fininancial advisor/mortgage advisor they could perhaps look at self certification mortgages for you. Although these i feel would be hard to get without any type of desposit.

If you can, are you able to cope with perhaps moving back in with either of your parents or family for a bit? The money saved on rent over a period would soon mount up if you were strict,

david29dpo

how on earth are you going to afford to run a baby?

aderbyshirelad

Hi bride2be

First - maybe you need to change your user name now??!!! Congratulations.

I would suggest you make a post on the DFW board if you haven't already as you can get some great support, ideas and inspiration in managing your debts there.

Clearly your circumstances aren't ideal (which you acknowledge) and being charitable to some other posters, may be they're just concerned that you don't worsen your situation.

I would recommend you find a whole-of-market, fee-free mortgage broker
and sit down with them and discuss what options you have.

Good luck and be careful.

arnie&caseysma!

Hi bride2be.

I would also suggest paying a visit to the DFW board and posting your SOA there for some advice. I appreciate some of the comments you have received on this thread so far have been far from helpful. People on the DFW board are all in the same boat, or certainly have been there so know what advice to offer instead of just knocking you down again.

Try consulting an independent financial adviser regarding the mortgage. You should be able to ask advice of more than one and don't be pressured into anything (I have heard some horror stories).

Mortgages are still available to people who do have debts, although are probably easier for those who already have a mortgage. I have just been approved for another one as I am moving home and I do have debt, although a fair bit lower than yours. It all depends on the interest rate you get and your affordability - ie, how much will you be left to live on each month after you pay the mortgage, B&C insurance, life insurance, and mortgage protection. Also take into account council tax, gas, electricity etc.

Please do post your SOA on the DFW board and see if you can't work towards reducing that debt in the next few months and see what advice you can get independently into the New ear before making a decision.

Good luck!

housebuyer_abc

I don't disagree with the intention of some of the other posters who I hope merely intended to point out that you have made decisions in your life and that these decisions have had an impact on the potential purchase of a property.

I say intention because if they truly meant the literal post they made then I'm disappointed that people on here (which is meant to be a self-help, advice and consumers against the corporates site) take such delight in knocking someone down who came for advice in good faith.

In your position I would attempt to build up a deposit/pay down debt for a little while as this would open better motgages to you and therefore lower the monthly payments.

I'd talk to a mortgage broker as well, they may respond negatively but they will respond courteously and offer suggestions as to how to improve your credit rating.

Finally congratulations on the wedding.