We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 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!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Mortgage Chances
Jaffacake40
Posts: 5 Forumite
Hi,
We are looking to buy a house this year. We have good incomes but high level of unsecured debt from funding some private medical treatment which we are chipping away at every month.
Combined incomes are £150k, credit card balances are £48k and have 2 unsecured loans at £250 per month with two years to run.
Have excellent credit ratings and never missed a payment with no adverse history.
Looking for a 90% mortgage on £400k house
Would we be considered by mainstream lenders or would we be better waiting until we have cleared more of the balances?
We are looking to buy a house this year. We have good incomes but high level of unsecured debt from funding some private medical treatment which we are chipping away at every month.
Combined incomes are £150k, credit card balances are £48k and have 2 unsecured loans at £250 per month with two years to run.
Have excellent credit ratings and never missed a payment with no adverse history.
Looking for a 90% mortgage on £400k house
Would we be considered by mainstream lenders or would we be better waiting until we have cleared more of the balances?
0
Comments
-
You should investigate your options now if you need to. You have nothing to lose if you need to buy soon.
The debt is not necessarily a deal broker, but some lenders will be anti.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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.0 -
Thank you.
We will arrange to see someone, just fearful of wasting people's time. Not a situation I ever expected to be in but just want to get on with things now.
We could pay if £20k of loans / cards and go for a 95% mortgage but this would be a far more expensive option as we are not currently paying much interest.0 -
Forget a 95% mortgage.
A broker will be quite happy to assist you.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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.0 -
I am with amn, there should be options. It is probably not for every lender but there is no reason why you can not get normal rates. Your income appears to support the mortgage and commitments.I am a Mortgage AdviserYou 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.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.9K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.2K Spending & Discounts
- 247K Work, Benefits & Business
- 603.6K Mortgages, Homes & Bills
- 178.3K Life & Family
- 261.1K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards