will we get a morgage from anyone?

otoodles

We are currently are selling our house due to severe debt problems,
The house is being sold for 290,000 and oustanding morgage is 168,000. We have 100,000 of debt which we have to clear leaving very little deposit for another property. We have no late payments or anything just a lot of unsecured credit. We only have an annual income of 44,800 and Northern Rock who we are currently with have declined us a morgage despite never having missed a payment. i was wondering if it was worth checking else where or just giving up and renting.

dimbo61

You need to check your credit file and see if you have any defaults,CCJ,s or late payments.
If you can sell then you will be able to clear all your debts and start again with no debts and a small deposit plus income of £44,800.
I would rent for 6/12 months and take stock while clearing all that expensive debt
Good Luck

theduke2011

Hi there,
I can understand you're frustration, but the great thing is that you're paying off all your debt and getting a fresh start!
It looks like you'd have about £22,000 left after paying the mortgage and other debts off. This is a good basis to get started with - just make sure you dont take out any more unsecured credit!
Northern rock may have declined because you have a high level of borrowing in the background - if you approach another lender, make it quite clear to them that your intention is to pay off all of your debt when you take a new mortgage.
The amount of lending you are offered by banks may vary between 150k and 200k depending on who you go to.
As long as you have not had any missed payments, defaults, ccjs,charges etc on any of the borrowing you currently have, then you shouldnt have a problem securing a mortgage.
Hope this helps.

Regards,
D