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Question about getting a mortgage

steve122
steve122 Posts: 1 Newbie
in Mortgages & endowments
Me and my wife have been renting for the past few years. We have around 15-20k for a deposit. Just wondering what are the chance of getting a mortgage with around 4k on a interest free credit card and around 6k on car finance. combined wage is about 40k. Place we are after is around 125k.
Thanks in advance

Comments

  • Dave_Ham
    Dave_Ham Posts: 6,045 Forumite
    Tenth Anniversary Combo Breaker
    So long as the payment history has been good, you should have no problems (other things being equal)
    I am a Mortgage Broker
    You should note that this site doesn't check my status as a Mortgage Broker, 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.
  • kingstreet
    kingstreet Posts: 39,314 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Enter your details in lenders' online affordability calculators with and then without the credit commitments and you'll see how they affect your borrowing power.

    Typically, lenders deduct the monthly cost of a loan with more than six months to run and 5% of a credit card balance from your income before applying their income multiples.
    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.
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