Mortgage required of £274k with current debts - advice sought please

nutmegman

Hello there, I haven't posted on this forum in a while so I would really appreciate advice on my desire to move house.

We are seeking to purchase a house for £340,000 and have a deposit of £65,665, resulting in a mortgage requirement of £274,345

(currently we have a mortgage on a £200K house)

We have no savings

Our income is

Me £65,000 + bonus upto 30%
Wife £26,000

Debts

Me credit card debt of £15,000 minimum repayments are £200 per month

Wife; loan 6000, student loan £3,000, credit cards £3500 total monthly payments of £420.

We have a very good credit record with no defaults shown


With the above scenario does a mortgage of £274k look possible ?

Kind thank in advance

Thrugelmir

Is the deposit the equity in your current home?

With no savings how you intend funding the purchase? Stamp Duty is over £10k alone.

Wh05apk

Lenders tend to take 3% of credit card balances as a commitment so in your case £18500 x 3% = £550pm +loans (?? guess £300pm?) == ~ £10kpa ? knock this off your income = £81k, so £274k is about 3.5x income which shouldn't be a problem.

Obviously making the deposit/costs fit is another issue, but from what you have said you should be ok.