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Can I get a first time mortgage when I owe dept
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Lse0704
Posts: 2 Newbie
Hi all I want to get a 210k mortgage, I am 43 and have 3 kids + wife with a salary of 36k p/year
I ow 38k in loans & cards. I have never missed a payment and the history is good
We want to buy a chunk of land of my inlaws (£100k) then spend £60k on a timber Framed barn
We currently rent
Would it be possible to get a mortgage or big loan to pay off my dept and put the rest into this project?
Thanks!
I ow 38k in loans & cards. I have never missed a payment and the history is good
We want to buy a chunk of land of my inlaws (£100k) then spend £60k on a timber Framed barn
We currently rent
Would it be possible to get a mortgage or big loan to pay off my dept and put the rest into this project?
Thanks!
0
Comments
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With zero debt, your joint borrowing power is about £103,000 over 25 years.
Add the debt to that and you are sunk.
No mention of a deposit, nor any funds for the build?I am a mortgage broker. You 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. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Ya I knew it was going to be a long shot. Thanks anyway0
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That is a completely unrealistic figure to borrow on your salary especially with £38k of debt. Generally multiples are up to 4 times income but that i# with no debt.I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
The 365 Day 1p Challenge 2025 #1 £667.95/£301.35
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As above, you are not able to live on your current salary, let alone service a debt.
What have you been spending the money on?0
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