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First Mortgage
Captain_Shambolic
Posts: 108 Forumite
Hi,
Apologies if this is old ground but could use some advice.
Basically my fiancee and I are talking to Barclays and Natwest at the weekend to talk about what we can do mortgage wise and we're not sure where we'd start. We've got a deposit of about £40k due to savings the missus had that's she willing to dip into but we want to ask,
1. Since we have sizeable credit card debts (about £11k between us) can we apply for a slightly higher loan in order to pay those off? Would save us about £300 a month in debt repayments.
2. With my income this is fixed but my missus has a low retail contract boosted by a monthly allowance she gets from her dad and half the rent on a property she shares with her sister (as in it's written in their joint names) what should I include when talking about her income?
Thanks in advance
Apologies if this is old ground but could use some advice.
Basically my fiancee and I are talking to Barclays and Natwest at the weekend to talk about what we can do mortgage wise and we're not sure where we'd start. We've got a deposit of about £40k due to savings the missus had that's she willing to dip into but we want to ask,
1. Since we have sizeable credit card debts (about £11k between us) can we apply for a slightly higher loan in order to pay those off? Would save us about £300 a month in debt repayments.
2. With my income this is fixed but my missus has a low retail contract boosted by a monthly allowance she gets from her dad and half the rent on a property she shares with her sister (as in it's written in their joint names) what should I include when talking about her income?
Thanks in advance
I work for a leading insurance company as an Insurance Advisor dealing with Commercial Insurance. Feel free to ask me any questions but please do not take what I say as correct advice at all times, as every insurance company works differently to others.
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Comments
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Pay off the credit cards with the savings. Then apply for the mortgage. Much easier.0
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Use some of the deposit money to repay debt. You end up with a bigger mortgage as a result.
Her basic salary only. The other things are unlikely to be taken into account by all lenders, with the odd one maybe looking at the rental income, subject to there being no mortgage on the rental.
If there is, best you can hope for is a lender which won't "tax" affordability with the mortgage cost.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 -
In my eyes its a no brainer, you simply pay off your credits in full, then use your cards to pay all the other stuff towards your mortgage like fees stamp duty etc. I'm no expert; i just view a lot of post on here.0
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