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Credit Card Debt

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Comments

  • swishy87
    swishy87 Posts: 199 Forumite
    Cakeguts wrote: »
    What are you going to do if you lose your job? Could you pay the mortgage without work for a few months or will you just wait until the house gets repossessed?

    Cross that bridge when/if it happens and live on one wage for a month or two until I found something else.
  • marksoton
    marksoton Posts: 17,516 Forumite
    swishy87 wrote: »
    Cross that bridge when/if it happens and live on one wage for a month or two until I found something else.

    Not what i'd call sage advice but each to their own...
  • hazyjo
    hazyjo Posts: 15,475 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    It will affect what they lend you.

    Also, the lender will more than likely ask what the most is that's been on your card and overdraft over the last three months. So it'll need to be zero for a few months if you don't want that (and more) to be taken off what they'll lend you.

    Jx
    2024 wins: *must start comping again!*
  • swishy87
    swishy87 Posts: 199 Forumite
    marksoton wrote: »
    Not what i'd call sage advice but each to their own...

    It isn't intended as advice, I'm just trying to point out that by saying people who buy have a lot of savings is a sweeping statement - not everybody does. And 'a lot' is very vague! A lot to some people is £1000 and a lot to others is £20,000.

    But my advice to the original poster was just to see what lending calculators said they can borrow based on the debt they have. Plenty of people get mortgages with debt!
  • ronny147
    ronny147 Posts: 58 Forumite
    swishy87 wrote: »
    It isn't intended as advice, I'm just trying to point out that by saying people who buy have a lot of savings is a sweeping statement - not everybody does. And 'a lot' is very vague! A lot to some people is £1000 and a lot to others is £20,000.

    But my advice to the original poster was just to see what lending calculators said they can borrow based on the debt they have. Plenty of people get mortgages with debt!

    Thanks for the reply. I did this and its come up with 450k. Was talking to a friend who said they got a mortgage of 295 with 20k of debt, so I suppose it is possible
  • hazyjo
    hazyjo Posts: 15,475 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Yes, you can borrow with debt, it's just that they knock off that and more (allowing for interest, etc).

    I've never had (much) money in the bank when moved or remortgaged. Would like to be able to - just never managed it!

    Jx
    2024 wins: *must start comping again!*
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