Morgage query...

Will2017

Hi

We have received a morgage offer in the post which is really good....but

I noted to the morgage adviser that i had oustanding debt on 2 credit cards and a loan that would be paid before completion. The loan is due to be paid on or just after through personal savings and i will be making a substantial payment to 1 of the credit cards but not clearing. The other credit card is for travel/expenses that will always have a running total which i advised the morgage adviset about. Now heres the queation, at the end of the morgage is a clause of existing debt. Although as part of the conditions it indicates to have these paid before or during completion not all of my exiating debt will. Will this affect the morgage being given?

Any advise will be appriciated.

Loan 5k, credit card 1 3k, credi card 2 2k
By completion loan paid, credit caed 1 2k, credit card 2 1500

dimbo61

That is down to the lender to decide and anyone on here would be guessing.

If you only have £2,700 of credit card debt and earn £35/40,000 a year and are only borowing 3X income it might be fine.
If however you are borrowing 4.5X income it might be a problem

Thrugelmir

Will2017 wrote: »

I noted to the morgage adviser that i had oustanding debt on 2 credit cards and a loan that would be paid before completion.

Have you contacted the mortgage adviser refaring the change in circumstances?