Advice on debt b4 applying for mortgage

maninthestreet

Clear the CC debt's before even considering buying a property.

Plasma_2

Thrugelmir wrote: »

At 90% LTV , extremely unlikely

Rubbish.

If you have managed your debt, and have no missed/late payments, then a mortgage will not be difficult to come by. However, as has been mentioned, the amount you can borrow will be reduced by a calculation based on your monthly outgoings to clear your debt. Normally a percentage, but will be different for different lenders.

I know, because i have done it recently.

Your question wasnt about should you be paying off your credit cards etc, or asking to be told off for having credit card debt etc. So hopefully that should help.

samson1313

Thanks for all the advice, just to clarify a few points

My credit rating is excellent last time i got my credit score which was a few months back it was 958 out of 1000 so nearly in the top bracket

according to my credit report i'm only currently using 40% of my available credit and i havnt missed any payments or have any bad marks on my credit file so all good with my credit history.

I intend to knock as much off the credit card debts balance before i apply for a mortgage but i doubt i will be able to clear it all by mid march and i really need to get my own place asap as i've been at my mums too long already!

I have got £3000 at the moment which i am going to put towards clearing the debt so theres nearly a 3rd gone straight away.

Theres also the possability that i may buy into a property with one of my friends as he needs to move from where he is anyway and dosnt really want to rent but he's only just got himself credit worthy again so not 100% about this yet.

Thrugelmir

Plasma wrote: »

Rubbish.

Have you ever underwritten credit in any form ?

samson1313

Sorry not sure what you mean??