Incorporate any debt into mortgage

dpc036

Is it possible to get a mortgage and incorporate any debt you have into the mortgage?

JoeK_3

dpc036 wrote: »

Is it possible to get a mortgage and incorporate any debt you have into the mortgage?

It is subject to your income and credit status.

You may be looking at a 125% mortgage.

JoeK

nomoneytoday

You can, but it's probably not the wisest move in the world.
Would you pay off a car, or a suit over 25 years??

dpc036

nomoneytoday wrote: »

You can, but it's probably not the wisest move in the world.
Would you pay off a car, or a suit over 25 years??

probably not. but it would certainly make affording a house much easier.

JoeK_3

nomoneytoday wrote: »

You can, but it's probably not the wisest move in the world.
Would you pay off a car, or a suit over 25 years??

That's a typical reaction without knowing how the 125% mortgage works.

Let me explain.

You can elect to pay the secured bit (95%) over a normal mortgage term and pay the unsecured loan back (30%) over a different term. Further to this the term is subject to the borrower's ability to pay.

With mortgages, nothing is set in stone, otherwise people would never remortgage over a 25 year mortgage term.

But I do understand your point.

JoeK

AndyWallace

100+ mortgages are available and perfectly acceptable in given situations. Too many brokers here condemn them as a big mistake, probably making the client feel somewhat second rate. If you are looking to get on the property ladder and have existing debts then why not consolidate them? By doing so the purchase will likely be much more affordable.

They're certainly not the cheapest, that's for sure.

Andy.

dpc036

Andy consolidation is definitely my first thought, i cant see being able to afford to pay a mortgage and all costs associated with owning a house and the debt i have especially the way house prices are these days.

thanks all for taking the time to post replies.