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Those recently applied for a mortgage what was your current debt if any?
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Chrysanthemum5
Posts: 60 Forumite
Hi guys
For those of you who have just applied for a mortgage what current outstanding debt did you have eg credit cards and loans etc?
Next year we want to get a mortgage my husband earns 36k and I earn 11k part time as we have a 2 year old. We have debt of 7k and was wondering how much of an impact this will have.
Thanks
For those of you who have just applied for a mortgage what current outstanding debt did you have eg credit cards and loans etc?
Next year we want to get a mortgage my husband earns 36k and I earn 11k part time as we have a 2 year old. We have debt of 7k and was wondering how much of an impact this will have.
Thanks
0
Comments
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The less debt the better, but for those with debt it will come down to affordability on your monthly outgoings and any CCJ's/ Defaults."It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
G_M/ Bowlhead99 RIP0 -
I earn similar to your husband, 2 dependants and had 5K of debt.
Nationwide made it a condition of the mortgage offer that this was paid off. It's only a 74K mortgage.
Just goes to show each case is different and i wouldn't base any assumptions on the experience of others.0 -
All depends how much over your salary you are looking to borrow.
For the record, when we applied for a £205k mortgage with Nationwide - we had £3.5k of debt with a combined salary of £63k. This back in May.0 -
Thanks all
I have done Santander, natwest and barclays calculators and put salaries and debt in and amounts we want to loan (house value is 125 and we have 10% deposit).
They all came out saying we could loan quite a bit more so hoping this is a good indicator0 -
I have just got a mortgage with Natwest with 15k of outstanding debt, remember not all debt is bad debt!!0
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I knew when we applied for our mortgage with Nationwide that we would be pushing it for affordability, especially when we had a gifted deposit.
I had taken out a 0% credit card for my sister so that she could pay off the debt without incurring interest. This had about £1,400 on so I paid that off, as well as £1,000 from my student overdraft (it was 0% so it was in an interest bearing account to make money off the bank's money). I had another £500 or so on another 0% card for my car insurance aa I opted to pay annually as there were no fees for credit card payments
All in all I had about £3,000 in debt but I had the money set aside to repay. We applied for a £205,000 mortgage on a 44k joint salary. It probably helped that the gifted deposit was just over 20% so we had a decent LTV.0 -
We were successful in gaining a mortgage in May, we had £800 on a credit card at the time, our mortgage is 20% of our properties value.0
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Chrysanthemum5 wrote: »(house value is 125 and we have 10% deposit).
Depends how lenders view £12.5k deposit against £7k of debt. As your net savings are £5.5k.
Lenders will also know if you have 0% cards and are purely paying the minimum.
Are you comfortable with having £7k of debt? That's a question only you can answer.0
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