Moving home with debt

Midland_Mummy

Help please

We are looking at moving house and have a lot of debt and probably a bad credit rating.... Although my cc and store card keep increasing my limits!!

I'm worried they will decline our application. We are planning to stay with the same lender and depending on a few things (buying house from family so depends on how much they want/need and also we have another family member involved in current house as paid our deposit but this May stay with us, it also may not) we would either need a mortgage for £30k more than our current one or £20k less. The value of the house will increase also. Current house value £150k, mortgage of £100k. New house value aprox £160k mortgage required £130k or £80k depending...

I feel sick thinking about them declining us, and then the whole ugly story will be explained to family

Can anybody please shed some light on a new mortgage with existing lender ??

shop-to-drop

I think your going to need to give your income and debts details so that a mortgage advisor can help you.

gazfocus

I would strongly advise getting copies of your credit report and going to see a mortgage broker as they will be able to see the full circumstances and advise whether your current lender is likely to offer the mortgage.

runforlife

You problem is that the lender will take into account your credit card debt and other debt when assessing affordability. Just because they lent to you initially doesn't mean they would lend even the same amount now given your debt, let alone any more. You really have to ask them to see if you would get the new mortgage you want but as gazfocus says a mortgage broker is a good start.

Midland_Mummy

Thanks for your help. How can I obtain a copy of our credit report please?

ethank

Apply via the following websites. You only need the statutory reports so if they try to sell you a monthly subscription with a monthly charge. Say no.

Equifax
https://www.econsumer.equifax.co.uk/...?prod_cd=UKSCR

Experian
http://www.experian.co.uk/consumer/s...ml#orderReport

CallCredit
https://www.callcredit.co.uk/stat-re...t=1&mode=clear