We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
About 29k in debt - will I get a mortgage?
Options

leonia
Posts: 6 Forumite
Hi everyone
I'm a first time poster so apologies if I've got this a bit wrong. I'm about 29k in debt (credit cards and loan). However, I'm hoping to apply for a mortgage this year (a first time buyer) with the help of my parents. They're giving me a six figure deposit and I'll be looking for a home of about 300k.
I have a excellent credit score and earn about £55k a year - even so I'm concerned banks will turn down a mortgage application because of my level of debt.
I'd really appreciate advice/thoughts/experience from other posters.
I'm a first time poster so apologies if I've got this a bit wrong. I'm about 29k in debt (credit cards and loan). However, I'm hoping to apply for a mortgage this year (a first time buyer) with the help of my parents. They're giving me a six figure deposit and I'll be looking for a home of about 300k.
I have a excellent credit score and earn about £55k a year - even so I'm concerned banks will turn down a mortgage application because of my level of debt.
I'd really appreciate advice/thoughts/experience from other posters.
0
Comments
-
Just pay off the debt with the money from your parents?
That's what i'd do if it was me. I had about £2k on credit card before i applied for a mortgage. Cards are currently sat £0 in readiness for completion in a few weeks time.0 -
I have a excellent credit score and earn about £55k a year
With £29k of debt your credit score has no value. From a lenders perspective you are a pay day away from disaster. Lenders take the pessimistic view.
Will your parents allow you to use the money to clear your debts?
Even if they don't. You've a huge incentive to tackle them yourself.0 -
Thank you. I haven't asked them about using the money to clear my debts. Have already discussed situation with Natwest in store a couple of months back and they suggested rolling the loan I have with them into a mortgage. They didn't appear to be bothered about the level of debt and pre-approved a mortgage (subject to credit checks etc).
Does that mean nothing? i.e. just a sales trick? I've banked with them for many years.0 -
Thank you. I haven't asked them about using the money to clear my debts. Have already discussed situation with Natwest in store a couple of months back and they suggested rolling the loan I have with them into a mortgage. They didn't appear to be bothered about the level of debt and pre-approved a mortgage (subject to credit checks etc).
Does that mean nothing? i.e. just a sales trick? I've banked with them for many years.
Who at the NatWest? Underwriters make the ultimate decision in accordance with internal policies. Until you make a formal application you won't get a definative answer.0 -
It was one of the mortgage advisers - not the underwriters. I did also speak to a financial adviser several months back - who thought I could get a mortgage.
I didn't mean 'excellent credit score and my salary' to sound like a boast. Just wanted to provide as much detail as possible around my situation! Also trying to figure out my options and am drawing up a budget as we speak (not just sitting on my laurels...).0 -
Just as an aside, I applied for a single £81k mortgage with Natwest with my parents giving me £10k as a deposit & I had £2300 on a credit card. Natwest insisted that my card debt was cleared before they would release the funds & suggested I used some of my parents gifted deposit to clear it.
I know each application is different but I thought it might helpDwy galon, un dyhead,
Dwy dafod ond un iaith,
Dwy raff yn cydio’n ddolen,
Dau enaid ond un taith.0 -
Do you live at home with parents at the moment?
Just asking because if you currently have low outgoings and £55k salary you would be able to pay quite a bit of the debt per month0 -
I didn't mean 'excellent credit score and my salary' to sound like a boast. Just wanted to provide as much detail as possible around my situation!
Not suggesting you were. Unfortunately there's much hype surrounding the credit scores that the CRA's provide. For CRA's it's a way of generating revenue by selling services to consumers that they don't actually need.
Nor does the score align with how a business will actually use the historical data contained on file. Borrowers predominantly will be optimistic about their personal financial situation. Whereas lenders have a huge amount of data from which to produce statistical analysis. Internal policy being set on a macro rather than micro level.0 -
Interesting....Thank you Thrugelmir. One more question - what do you mean by 'internal policy set on a macro rather than a micro level'?0
-
chelseablue - I don't live at home with parents unfortunately. But I'm looking at how I can reduce my outgoings in other ways - I'm browsing the myriad of information on the moneysavingexpert website!0
This discussion has been closed.
Confirm your email address to Create Threads and Reply

Categories
- All Categories
- 350.9K Banking & Borrowing
- 253.1K Reduce Debt & Boost Income
- 453.5K Spending & Discounts
- 243.9K Work, Benefits & Business
- 598.8K Mortgages, Homes & Bills
- 176.9K Life & Family
- 257.2K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards