Help with mortgage after divorce needed

karlina

Hi, i was wondering if anyone could advise me.

My husband and i are separating and selling the marital home - We should be left with about £85k each . however i have about £17K debt on credit cards, which i intend to clear from my share of the equity. In oder to buy a new home, i want to borrow about £130K (repayable over 20 years). will the mortgage lender when calculating how much I can borrow take into account that the £17k debt will be cleared and therefore free up monthly income etc.

I earn approx £40K and i am 41, I assume my credit history is good as i have never defaulted on any payment or made late payments, or had credit refused in the past etc.

Any advice appreciated :rolleyes:

poppy10_2

85k equity minus 17k debts=68k to play with as a deposit. If you are borrowing £130k against a £198k house then you have a 34% deposit which is excellent.

£40k income a year gets you £2400 take home each month, assuming you no longer have any debt payments to make. The mortgage payments would be around £940 a month if you want to reduce the term to 20 years. Very doable.

herbiesjp

The whole scenario loks fine

You should have the pick of the best deals out there

If you apply for an agreement in principle make sure you make then aware that you will be clearing all the debts you list - that way they will diregard them in terms of your mortgage affordability.


All thats left now is to look at actual deals, so that you get a feel for what deals you may get and what that means in terms of £££ going out of your pocket each month