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Can I still get a mortgage with credit card debt?
Hxnnxh
Posts: 8 Forumite
I have around 6k of credit card debt. Never missed a payment and always pay more than the minimum. I hope to have paid of 1.2k by the time we apply for a mortgage. I earn 16k a year and my husband earns about 40k a year. He has no debts. I'm really worried we'll be declined a mortgage because of my debt. Can anyone give me an idea of whether that will happen or if we still have a chance?
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Comments
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Most unlikely that this level of debt would affect a mortgage application"If you can bear to hear the truth you've spoken
Twisted by knaves to make a trap for fools"
Extract from "If" by Rudyard Kipling0 -
I have around 6k of credit card debt. Never missed a payment and always pay more than the minimum. I hope to have paid of 1.2k by the time we apply for a mortgage. I earn 16k a year and my husband earns about 40k a year. He has no debts. I'm really worried we'll be declined a mortgage because of my debt. Can anyone give me an idea of whether that will happen or if we still have a chance?
if you do a joint mortgage or even if your partner take out the mortgage you should get accepted as long as you pass the income and expenditure criteria
:T0 -
You won't be declined, but usually a lender will take 5% of the card balance as the monthly cost for affordability purposes. This will reduce the amount you can borrow.
You can gauge the impact on you by running the details through lender affordability calculators with and without the card debt to see the difference.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.0 -
Lenders are used to applicants with credit card debt. Overall affordability is the only concern.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.0
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