Advice gratefully received!

Derby25

My partner and I have a joint annual income of 85k. We're looking to buy a property of 270k and have a deposit of 30k (made up of equity from the current property). We both have fairly good credit reports, I.e. no late payments / defaults etc. We do however owe approx 17k on credit cards. We have no problem in paying this off (we are currently reducing it by 2k a month) but would really like to make a mortgage application now, rather than wait until it's paid off. Does anyone know if it would be possible to obtain a mortgage now? And if so should we go to a broker rather than a high street lender? As a note, we don't have any other commitments at all, no loans or car finance, 'just' a 17k credit card balance, but with a net joint monthly income of 4600. Thanks.

csgohan4

Broker as usual will help, but use the affordability calculator MSE has to give you a rough idea

Derby25

Thanks, I've used lots of affordability calculators which in the main indicate we can borrow way above of what we need (most say between 300-400k), but I'm wary due to posts I've seen on here which report that the calculators appear to inflate the amount you can borrow in actual practice. But they do indicate we can borrow 300 minimum, and that was inclusive of the credit card balance.

csgohan4

Derby25 wrote: »

Thanks, I've used lots of affordability calculators which in the main indicate we can borrow way above of what we need (most say between 300-400k), but I'm wary due to posts I've seen on here which report that the calculators appear to inflate the amount you can borrow in actual practice. But they do indicate we can borrow 300 minimum, and that was inclusive of the credit card balance.

As long as you haven't missed payments, that should in theory fine

Derby25

Great, that's encouraging thank you. If anyone can advise if a particular mortgage company is best to apply to for this circumstance that would be great too. Thank you.