Bank statements, debts and salary increase

Moving2Kent

Hi there,

I am a new poster but have been reading the forums here for years. Apologies in advance for all of the questions.

I am relocating to be with my partner. When I move I shall be
Renting my house out, which will give me an income of double what my mortgage is.

Over the last year my partner has had a severe downturn in income due to personal reasons and I have built up £25k debt on my credit cards to support him. On top of his debt I have my £400pm car payment on hire purchase. He has 400k equity in his home which is going to cover the deposit for the new house and pay off my debts but it will be a case of it being a similtanious debt pay off and move, rather than something we can do before sale. Any idea how lenders would view this?

Also does anyone know of a lender that only asks for 1 months bank statement.
Finally when I relocate I get a £30k a year pay increase as I wil be London based rather than home based and increasing my hours. Would a lender take into account my new contractual figure as I won't be getting this until I move?

Any tips on lenders who you think may assist would be great. My credit history is clean. I've owned my property for 4 years and never missed any payments but I am maxed out on cards at the moment.

Thank you in advance for your help.

alchemist.1

Realistically the best person who will be able to answer that question would be a broker.
You're basically asking for a broker service for free which i imagine isnt going to happen.

dgtazzman

New job, big debts, etc. etc.

If I was you, I'd use some of that equity you are releasing to rent for a year, wipe the debts, settle into your new job and then start thinking about buying/getting a mortgage when you have settled into your new situation.

In my eyes, that would be the most sensible option.

Thrugelmir

Sounds as if you need a broker. As sounds rather messy and the mortgage application needs to be presented rather than simply applied for.

What you haven't mentioned is the finances of your partner. If you've incurred £25k of debt in a year then there's far more to this tale.

While your mortgage maybe covered by the rent. There's the slight matter of tax to be taken into account. So possibly not the return you are expecting. July's budget changes won't help you either. Not least that you are a 40% taxpayer.