Putting debts into morgage can I do it?

cornishmanuk_2

Im currently trying to buy my first home for £140,000 next month.
Im on a salary of £28,00 and my girlfirend £12,000.
I have been told I can burrow upto £180,000.

My question is:- I have unsecured debts (credit cards and loans) upto £20,000, is it possible for me to ask the building society (nationwide) if I can add my debts onto the morgage. Thus paying back £160,000?

I would be most greatful for your help in answering this question!

Thanks

Richard

lynzpower

Its possible to do, but why youd want to do it O dont know

1) you secure the ebt on your home- read martins article about why this is a BAD idea
2) you amalgamate the 20k into the mortgage, and thus pay intererst on it for the next 25 years. NOT moneysaving in the slightest!

What are these debts?What did you spend them on?

peb

You will also have a problem in that no mainstream Lender wil countenance it. If you find a house at £160000.00 and borrow £180000.00 you will be borrowing over 100% of the purchase price. Usually you would be required to either repay the debt or/and have a substantial deposit. For example a car loan would be classed as acceptable if you have a good deposit; credit card debt would not.