Will we get a mortgage?!?

Anna1701

Hi All,

Just after some advice really, me and my partner have been renting for 3 years and really want to get on the property ladder but have some existing credit card debt and am not sure if we will be able to get a mortgage.

Both employed, earning approx £60k a year but we both have approx £10k each on credit cards which we are slowly paying off. We have a fairly decent deposit (thanks to parents and planning on selling a car) so is it likely or not that we will be able to get a mortgage?

Thanks
Anna

mr_bounce

You would be best using the funds from the car sale to pay off the debt but a deposit of more than 10% of mortgage is also neccessary so you need to work out what is more important. If you need the car funds to make your deposit 10% then fine, if not clear bit of the debt.

markalanious

more importantly - have you had any bad credit - arrears/defaults etc. Have you checked your credit file? That will tell you. How much are you planning to borrow? It's all important...