Successful mortgage with outstanding debt?

Manchester_123

Thank you king street.

So as long as the affordability is ok will the lenders generally be ok with some debt?

kingstreet

Manchester_123 wrote: »

Thank you king street.

So as long as the affordability is ok will the lenders generally be ok with some debt?

Some will, some won't.

If your payment history is squeaky clean and there is little/no overdraft usage showing on your latest three months' bank statements and definitely no overlimits, or excess borrowing charges you should be alright with most lenders.

HiToAll

Thrugelmir wrote: »

More or less equates to a borrowed deposit. If you are putting 10% down.

So no deposit really

ACG

Having debt is not a problem in the main. It is only really when it becomes significant and that is all relative to your income.

£12k debt on £60k income is not too bad. Most lenders would accept it although it would impact how much you can lend, but that is more a case of having a play around on the lenders affordability calculators and ensuring it fits. As kingstreet has shown, there are lenders who will lend you what you need with the debt in place.

Boredatwrork

As said earlier mate:

No debts and no savings =Your credit rate rising faster: then some debt and some savings.

Thats the way to be looking at it.

Also bear in mind on your wages as other posters hinted, you can easily afford to borrow a lot more than 100% of £150K. with a good credit history

In Summary: pay off your debt, and put your savings into a new house deposit

ACG

Boredatwrork wrote: »

As said earlier mate:

No debts and no savings =Your credit rate rising faster: then some debt and some savings.

Thats the way to be looking at it.

Also bear in mind on your wages as other posters hinted, you can easily afford to borrow a lot more than 100% of £150K. with a good credit history

In Summary: pay off your debt, and put your savings into a new house deposit

Who said they do not have a good credit history?
Debt is not necessarily a bad thing.

Boredatwrork

In the traditional sense.

BJV

Manchester_123 wrote: »

With all due respect that wasn't my question was it.

Any advice from other positive people would be appreciated.

A bit nasty ?

I think that the poster was just trying to make a point and give advice. If you don't want people to comment please do not ask questions about your personal circumstances on a public forum.

P.s I am very positive. !!! ha ha

Joking apart the mortgage company will want to know that you are keeping up with your payments. Over payment is fab and a big plus point. They will not mind a little debt and will in fact like the fact that you will have debt history and hopefully one which shows that you are a good prompt payer.

If it was me, save like mad you can never have too much deposit and don't forget to fact in moving costs such as solicitors etc. Pay as much debt off as you can.

Good Luck