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Max mortgage based on salary and debt
james_joyce
Posts: 293 Forumite
Hi
I would like to sell my current house, which would give me about £35k after paying the mortgage. I would then pay about £20k of my £40k credit card debts.
I then want to buy another house for £125k on a 10% deposit of £12.5k, so a mortgage of about £112.5k plus still have credit card debts of about £20k.
Is all this possible on my salary of about £39k? If so would it even be possible to get a larger mortgage (assuming I can still find 10% deposit)?
(NB I don't have any other loans or child maintenance etc to pay)
Thanks
James
I would like to sell my current house, which would give me about £35k after paying the mortgage. I would then pay about £20k of my £40k credit card debts.
I then want to buy another house for £125k on a 10% deposit of £12.5k, so a mortgage of about £112.5k plus still have credit card debts of about £20k.
Is all this possible on my salary of about £39k? If so would it even be possible to get a larger mortgage (assuming I can still find 10% deposit)?
(NB I don't have any other loans or child maintenance etc to pay)
Thanks
James
0
Comments
-
Is there a pressing need to move?
Your income is good for the mortgage you propose, but your debt is excessive. If you are downsizing to deal with debt, I might as lender be wary.Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0 -
Yes we need a bigger house in a worse area because we only have 2 bedrooms for 5 people!0
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