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Brightspark87
Posts: 1,466 Forumite
Good morning all
I am likely to received in c18 months a large inheritance of c£275,000. I am looking at buying a house in london at this time for c£400,000. Therefore I would need a mortgage of around £145,000. I earn £35,000 and my soon to be husband £26,500.
However, we have debts - currently £17,500 but reducing this all the time. paid off over £2k this year already.
I also have a default or two.
What are my options regarding the mortgage? Will it be possible?
I am likely to received in c18 months a large inheritance of c£275,000. I am looking at buying a house in london at this time for c£400,000. Therefore I would need a mortgage of around £145,000. I earn £35,000 and my soon to be husband £26,500.
However, we have debts - currently £17,500 but reducing this all the time. paid off over £2k this year already.
I also have a default or two.
What are my options regarding the mortgage? Will it be possible?
Paid off all Catalogues 10.10.2014
0
Comments
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At that loan to value, almost certainly unless you're actually currently bankrupt.
Speak with a broker and get a copy of your credit report, and let them do the leg work for you.I am a mortgage adviser.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.0 -
Thanks in the meantime I guess the best I could do is to pay off debt - I am up to date with all payments currently - and try and start saving?
thanks for your help
Paid off all Catalogues 10.10.20140 -
When were the defaults and for how much? Are you planning to satisfy them?I am a Mortgage AdviserYou 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.0
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I have paid them off. I am now just paying off debt at more than the minimums and trying to reduce spending to pay off as quickly as possible.
Paid off all Catalogues 10.10.20140 -
Yep, pay off your debts while you wait for the interitence to come through.0
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