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First Time Buyer Help
Beautiful-Moose
Posts: 182 Forumite
I apologise in advance if this is a silly question but looking for honest answers as I am new to all of this.
There is a Shared Ownership flat on the market that I am very interested in. It is currently listed as needing a £4500 deposit and then about £4k for all the other costs. We will have £10k available to us soon as my parents are selling their place at the moment.
However I currently have a credit card debt of £14k. We are overpaying on this at the moment to reduce the balance and have never missed a payment. We are up to date on all our cards and rent with our current Housing Association so there are no marks on either mine or my partners file.
Between us our yearly wages combine at £52k and we currently rent a flat for £911 pcm and the monthly payments on this flat to buy are listed as £856 so we would be paying less to have a 2 bed flat instead of the 1 bed we currently rent.
If you have debts is it impossible to get a mortgage is basically what I am asking? I don't want to get my hopes up and go to view the flat etc if I stand no chance what so ever of even being accepted for a mortgage.
There is a Shared Ownership flat on the market that I am very interested in. It is currently listed as needing a £4500 deposit and then about £4k for all the other costs. We will have £10k available to us soon as my parents are selling their place at the moment.
However I currently have a credit card debt of £14k. We are overpaying on this at the moment to reduce the balance and have never missed a payment. We are up to date on all our cards and rent with our current Housing Association so there are no marks on either mine or my partners file.
Between us our yearly wages combine at £52k and we currently rent a flat for £911 pcm and the monthly payments on this flat to buy are listed as £856 so we would be paying less to have a 2 bed flat instead of the 1 bed we currently rent.
If you have debts is it impossible to get a mortgage is basically what I am asking? I don't want to get my hopes up and go to view the flat etc if I stand no chance what so ever of even being accepted for a mortgage.
0
Comments
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No it isn't.
However, you need to demonstrate affordability for the mortgage, the rent and the service charges (and your debt) to the area HTB Agent and mortgage lender.
If you have not already done so, contact the HTB Agent to be vetted for the SO scheme.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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