About 29k in debt - will I get a mortgage?

amnblog

You can ignore most of the above.

You can expect to get lending in these circumstances with that level of deposit.

Value judgements on how you handle your money are irrelevant.

leonia

Thank you amnblog!

yessuz

well, for me it looks very simple.

U want to buy a 300K house.
You owe a 29K
Parents will give you a 6 number amount (let's say - 100.000)

Why don't you pay your loan, you left with still massive, 71K.

You'll still need like 10K to pay all Stamp Duties and other fees.

So you still have 60K as deposit.

This would make it as 80% LTV

you still would get quite good interest rates on the mortgage + it would not be that massive difference between 100K (90K as you use 10K for fees and stuff) and 60K deposit monthly payments.

but you would solve your debt problem and you would save quite a lot on the interest on loans and credit cards.

so in total, your monthly outgoings should be lower


that's my view here

Jox

On the Natwest mortgage calculator online for a £300,000 property with £100,000 deposit (if that's how much you have) 2 yr fixed 2.59% £906.33 per month.

I've got a mortgage offer from HSBC and debts and childcare costs affected the amount they were prepared to lend me.

ap1985

yessuz wrote: »

well, for me it looks very simple.

U want to buy a 300K house.
You owe a 29K
Parents will give you a 6 number amount (let's say - 100.000)

Why don't you pay your loan, you left with still massive, 71K.

You'll still need like 10K to pay all Stamp Duties and other fees.

So you still have 60K as deposit.

This would make it as 80% LTV

you still would get quite good interest rates on the mortgage + it would not be that massive difference between 100K (90K as you use 10K for fees and stuff) and 60K deposit monthly payments.

but you would solve your debt problem and you would save quite a lot on the interest on loans and credit cards.

so in total, your monthly outgoings should be lower


that's my view here

I have to agree with yessuz.