Chances of securing a re-mortgage with large debt?

horsepills

Any advice would be appreciated.

We currently have a mortgage on our current home, but would like to move to a slightly more expensive property.

Our credit rating is good, and we have a reasonable combined income of around £63k. We are likely to have a deposit of around £35-40k and would be looking to borrow around £130k over 22 years...(cost of the house is £165k - deposit of £35k).

Trouble is - we have a very large debt - around £38,000 in two loans & a 0% credit card.

Whilst we have been able to make payments on our debt without late payments, penalties, etc... we are worried how this would affect our chances of securing a new mortgage. Could anyone offer any help?

If we have zero chance, then we will have to look at renting. I just don't want to go through all of the hassle of preparing for a mortgage application/discussing all of our finances with a broker, etc... if it's going to be a waste of time.

Thanks in advance for any guidance

ACG

Not that the answer will alter the outcome but is it a remortgage or a purchase? Your thread title says remortgage but your post appears to be a purchase.

In any case, there are lenders where it would be an automaitc decline, but there are also lenders who will do it at normal rates. It is a case of checking lenders who have debt to income ratios in the background.

horsepills

Thanks - to clarify, it's purchase of a different house