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How does credit card debt affect mortgage application
Mrsstevo
Posts: 34 Forumite
Ttttttttttt
0
Comments
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Lenders will take the monthly committment for the card into account when assessing affordability.
With a high LTV, low deposit application. The amount of unsecured debt may be deducted from the amount a lender is willing to advance.
For your own peace of mind. Suggest you clear the debt. As tomorrow sometimes never comes and you'll be burdened with the debt for years to come.0 -
Slightly off topic, but what is the shortest time scale for getting an offer and exchanging? I can't remember how long it took when we bought.
With a following wind 3 weeks.
Though that would a perfect scenario. Much depends on the plans of your vendor. Who may have their own timeline.0 -
Oh also does the same apply to a personal loan? We have a loan for our car. Will that have a negative effect?
Is it unrealistic to get a mortgage for an extra 300 a month when we have 900 spare? How much spare money do you need a month, does that make sense?
Car loan will be taken into account.
I would suggest drawing up a personal budget. To see what is affordable.
http://www.stoozing.com/msoc/soacalc.php0 -
I suggest you use a lender's online affordability calculator to see what you can borrow and if the lender considers it affordable.
http://www.nationwide-intermediary.co.uk/calculators/aff_calc
This will allow you to set out the situation with your existing credit and any dependents.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
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