Can I get a mortgage?

Miss_Frankie

Hi
Would be grateful if anybody could offer advice… I’ve bad credit owe about 13k in unsecured debt which I am working to clear. I have a couple of defaults and I have arrears. My big question is can I get a mortgage. Can I get a mortgage to buy a house and also clear my debts at the same time. I’m paying nearly £300 a month on debts so I’m guessing that would be better paying a mortgage. I am 25years old and earn about 20K.
While writing this I’ve just had a call from Home buyers advice centre and they’ve ran a credit check and say I can get a 95% mortgage up to £85000. I’m finding this hard to believe.
So any advice anyone could offer would be appreciated.
Thanks
Frankie

jonewer

Who are the home buyers advice centre?

Leon_W

Sounds like a poncey name for estate agent.

Leon_W

To answer your question. Yes you can get a mortgage but probably not the one you want.

With all this credit crunch lark I doubt that any lender will offer a sub prime 100%+ loan.Sorry.

Aurans

I think the question you really want to be asking is 'Should I get a mortgage?'.

Based on your current levels of debt I think the answer has to be a resounding no. Your plan to take out a mortgage to try and attempt to help repay your debts is a non-starter and shows you're still financially immature.

On the plus side, you're still young. You could pay off your current debt and save for a deposit, instead of rushing into something ill-advised now.

Miss_Frankie

I wasn't asking if I should I want to know if I can. Surely it would make sense if I can afford it to put my debts into a mortgage and pay both off in one payment.

Can anyone suggest who I should take to re a mortgage?

thanks

Leon_W

It might well make sense Miss Frankie but it isn't going to happen.

As you are probably aware, lenders are particularly risk adverse at the moment. It's difficult enough sometimes getting a 100%+ mortgage for squeaky clean applicants. With your history of defaults and arrears any lender would want a sizeable deposit from you before considering a mortgage.

I'm sorry if thats not what you wanted to hear but these are the facts of the matter.