Will I Qualify For a Mortgage

exe76

Hi,

I'm a 39 year old and currently own a home with my ex - however, we are seperated and now selling the home. Following all sums, I think I will be left with a balance of £18,000.00

I earn a salary of £25,000 pa

I had a mortgage of my own on a flat which I paid diligantly for 12 years.

I have credit card and loans of around £10,000.00 - again, I pay these monthly as required and haven't deferred a payment.

I'm worried with my situation I won't get a mortgage to get back on the ladder.

Can anyone advise if I will be a good position to get approval - I'm seeing a F.A on Friday for advice, but am fraught with worry!

With thanks,

Annisele

I think the issue is going to be "how much can I borrow" rather than "can I borrow at all".

How much are you looking at spending on your house/flat purchase? If it's £500k you've got no chance, but smaller figures might be possible.

Thrugelmir

exe76 wrote: »

I have credit card and loans of around £10,000.00 - again, I pay these monthly as required and haven't deferred a payment.

Minimum payments don't look good. Worth trying to bring this level of debt down.

Mexas

I think they'll lend you max £55000, might struggle on affordability test due to the loans etc.

leeruddecology

would it be advisable to look at paying the whole of the 10k loan/CC off and then using the 8k towards deposit? Help to buy schemes only require 5%? Should be able to get 100k based on income??

I answer these with hope as I'm in a similar position with income and deposit size