Preparing to be mortgage ready

Hstyhst

Hi

We currently have a mortgage on a property with approx £10k equity (minimum). In addition we have been offered £50k early inheritance from my parents. So we would hopefully have a £60k deposit for a house in the region of £160k so looking at £100k mortgage. Our current mortgage costs £435 per month (£75k outstanding).

We currently have debts but credit score is good because we make every payment and all accounts are up to date.

I am, however, worried about being approved for a mortgage and wondering what the best course of action would be to make us 'mortgage-ready'.

For example, at the moment when ALL bills and spending are taken into consideration we have £300 plus spare at the end of each month. I want to use this towards debt repayments (debts totalling £13k at the moment). However, is this the best route or should I leave some spare cash in the current account each month to show we have the spare???

I ideally would like to start making a dent on the debts while we get the house ready for sale but not sure if it's the best option at the moment.

Any advice would be welcome

NineDeuce

Can you just eradicate your debts with the £50k?

In any case, I wouldnt put all of it in the mortgage. Just save for any eventuality....

lookstraightahead

I don!!!8217;t know how old / well your parents are but be careful of deprivation of assets etc