Career development loan v personal loan v credit card(?)

razzle7691

You're right - I was being a bit thick there. What you're saying is that if , for example,at the point of getting a mortgage, I have a deposit of £75,000 and a credit card debt of £5,000, it doesn't matter that have 32 months to pay off the credit card debt, the mortgage company will consider that I have a deposit of of £70,000.

This leaves me in the same position as before. I will need all available income between now and the end of January for my deposit, but I also want to do a course of study and delay payment on that so it doesn't affect my deposit. Am I stuck...(?)

Candyapple

razzle7691 wrote: »

You're right - I was being a bit thick there. What you're saying is that if , for example,at the point of getting a mortgage, I have a deposit of £75,000 and a credit card debt of £5,000, it doesn't matter that have 32 months to pay off the credit card debt, the mortgage company will consider that I have a deposit of of £70,000.

This leaves me in the same position as before. I will need all available income between now and the end of January for my deposit, but I also want to do a course of study and delay payment on that so it doesn't affect my deposit. Am I stuck...(?)

No I wouldn't say you were stuck. I have read plenty of threads over on the Mortgage board where people have debts a lot higher than £5k and deposit a hell of a lot lower than £75k and the mortgage advisers on here have always said that having debt is not a problem as long as it's serviceable. So obviously going into a mortgage with zero debt is ideal, but in the real world most people carry some form of debt, even if it's a small amount.

Have you tried entering your figures into a mortgage caluclator to see what sort of amount the bank would be willing to lend you based on having £5k debt vs no debt and lower deposit amount?

If you really want, you can always start a new thread over on the mortgages board to ask your question - there are lots of brokers/advisors on there who should be able to answer or at least put your mind to rest on some issues.

http://forums.moneysavingexpert.com/forumdisplay.php?f=15