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first time mortgage with credit card debts?
micraplay
Posts: 9 Forumite
hi, simple question as ive always wondered.
could i be considered for a mortgage with credit card debts? or is it possible to consolidate the card debts into a mortgage?
me and partner with income of £32,000 ish combined looking for 90% mortgage of around £105,000. she has no debts of consequence, i have 2 cards of total around £7k.
deposit would be coming from here family so not mine to use to pay debts with first
just interested if its possible
could i be considered for a mortgage with credit card debts? or is it possible to consolidate the card debts into a mortgage?
me and partner with income of £32,000 ish combined looking for 90% mortgage of around £105,000. she has no debts of consequence, i have 2 cards of total around £7k.
deposit would be coming from here family so not mine to use to pay debts with first
just interested if its possible
0
Comments
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From a lenders point of view £7k of debts and no saved deposit. Does this couple know how to manage their money?
No mainstream lender will be interest in debt consolidation.0 -
If your income is sufficient to cover the mortgage and credit cards, and your relatives will confirm they are "gifting" you the deposit, it should be no problem.I am a mortgage adviser.You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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Not any more. £7k credit card debt will take around £10k off your mortgage borrowing power.is it possible to consolidate the card debts into a mortgage?
You'll probably scrape a £90k mortgage with the card debt in situ but obviously you'll have that debt to service on top of the mortgage.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Ok thanks for responses guys. I'm going to attemp to clear the debts over next 18months anyway, so I'll concentrate on that first0
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