chances of a mortgage with debt

sarahb8708

Due to inheritance I own 25% of a house, so to buy it I would need a 75% mortgage. I owe about £12000, Are my chances of getting a mortgage as non-existent as I think?

Thrugelmir

The debt you owe is going to impact affordability calculations. Why not use the your share of the equity as a springboard to give yourself a fresh start?

sarahb8708

It's my family home that will otherwise have to be sold to strangers and I would rather live there than anywhere else. I have assumed that I wouldn't be able to get a mortgage. I just wanted to check if that was definitely right.

Thrugelmir

There's always a subject to proviso. Though with a high level of accumulated current debt. There's various reasons why underwriters may view your application negatively. There's no harm in speaking to a broker to sound out your options. Could a family member assist you to reduce your debt level at all?

Edi81

It!!!8217;s all relative.
If you have £12k of debt and a £100k salary it!!!8217;s different to the same amount of debt on a £20k salary.
What!!!8217;s your income? How much is the property worth?

sarahb8708

I'd guess the house would be worth about £150000, joint income of about £40000

Edi81

Doesn!!!8217;t sound too bad.
Speak to a mortgage broker.