What are my chances of getting a mortgage?????

quiche4

Hi everyone

I am 30 years old and am living with my mum. Im hoping to be able to buy a place of my own even a small one bed flat.

I have one problem. Im worried about being turned down for a mortgage.

I earn just over £20000 a year and have debts (credit cards/loan) of £18000. I would need a 100% mortgage.

Whats my chances of getting this? The flats in my area range from £89000 to £125000.

Here's hoping!
L

herbiesjp

HI there

How much do the £18k debts cost you each month?

Are they all a personal loans or are they credit cards as well? Can you give a breakdown, as lender will look at different commitments in different ways.

Some lenders will allow you to consolidate your debts onto your mortgage up to 125%, but the options are limited and this would need careful consideration

Are you a graduate? What is your job title occupation?

quiche4

There is a loan which is £15000 which costs me £270 pm and £3000 credit cards which im paying as much as I can to try and clear it. On average about £150pm.

I am a Taxi Licensing Administrator for my local authority.

I have thought about adding the debt to my mortgage but am very unsure that it is the way to go.

MortgageMamma

You need to deduct 5040 off your income before applying a standard income multiplier, say 4.9 x remaining income, that will give you a loan amount that is sustainable btu I would question the wisdom of taking on a mortgage with so much background debt, perhaps you should take advantage of living with your mum for a while longer to try and clear it and then build up some savings

only other option which is viable would be to consider consolidating it on a 125% mortgage