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New mortgage with current debt
AlyJB
Posts: 3 Newbie
I am in the process of receiving a divorce settlement from my ex (only taken 3.5 years) and have put an offer on a house that I wish to buy. House purchase is £183k, looking to make a deposit of £130k and want to borrow £53k. However I currently have approx. £45k of credit card debt which I have no hope of paying off until I get my settlement. But, and here's the biggie, I can't pay it off until I get my divorce payout AND I want to use the mortgage to finance my house purchase. I can pay off the credit cards & still have the £130k deposit though.
Realistically do I have a chance of getting a mortgage with the debt?? I'm seeing a broker next week but don't know him at all and have been recommended to him from the estate agents. Spoke to him on the phone & he sounded a bit useless! Could prove me wrong though.
Also though I haven't lived with my ex for 3.5 years, I am still on the mortgage. it's all part of the divorce dealings and I can't come off it until my ex has paid me my settlement.
Any advice out there how best to go about getting a mortgage. Don't want to lose my house!
Have no late payments on the cards
Realistically do I have a chance of getting a mortgage with the debt?? I'm seeing a broker next week but don't know him at all and have been recommended to him from the estate agents. Spoke to him on the phone & he sounded a bit useless! Could prove me wrong though.
Also though I haven't lived with my ex for 3.5 years, I am still on the mortgage. it's all part of the divorce dealings and I can't come off it until my ex has paid me my settlement.
Any advice out there how best to go about getting a mortgage. Don't want to lose my house!
Have no late payments on the cards
0
Comments
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There are lenders which accept credit being repaid on or before completion and will ignore it for affordability purposes.
Don't use the broking services of national estate agency chains. They are simply attempts at a monopoly to extract as much cash out of your and their vendor's pocket as possible;-
estate agency
in-house solicitor
mortgage service
insurance sales
survey services.
Better and more cost-effective services can be found elsewhere.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 -
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