First mortagage and debt levels

mrsandmrs

Thanks all, that puts my mind at ease a bit. I think the overdraft needs to go first of all. I do always live 'in' the overdraft quite soon after I get paid and all my DD/SO's come off the account- I never, ever go over it though so that's a positive.

If I'm approved for the additional £1500 on my loan, the overdraft will go and I'll cancel it immediately.

I am certain that I wouldn't ever ask my partner to pay my debts with some of the money she has for a deposit.

To be honest, if the worst comes to worst and we get rejected, we can try again in a few years. I'm hoping it does take a while for us to be able to apply (my partner needs a steady job first and you know how the job market is!). That way I can at least think this through more and pay off as much as possible.

MrsHappy85

Dont worry too much.

We have been accepted for a 90% mortgage with the help of a broker and both of us have some managable debt.

Husband has a loan for £140 a month with 2k balance
I have car finance for £149 with 2500ish balance
I have an overdraft of £1100 I dip in and out off but always clear each month by salary

Obviously not ideal to go into a mortgage with other debts but we felt now was the right time for us to get on the property ladder.

As long as you can demonstrate you can pay your repayments easily each month, have a deposit and both in full time employment, I cant see you struggling to get a mortgage.

Best of luck.

CharleyCheese

Good luck mrandmrs as dealing with debt can be stressful. A friend of mine had a car loan with a balance of £8k, a credit card with £5k on it and a student loan outstanding but still got approved for a mortgage he needed with Santander earlier this year.

I think it's more a case of proving you have managed debts well in the past thereby showing you are reliable at paying things back as opposed to the overall amount outstanding (which isn't massive in your case anyway). Happy to be corrected if that's wrong!