Mortgage and credit card debt

AliceBanned

Hi


I am in shared ownership (currently own 40% of a one-bed flat worth approx. £220k, was worth £155k when I bought it five years ago).


I recently had a new job and then another pay rise and am working on repaying debts of £9500 (down from £17000 so it's a long battle). My question is, given my salary (£38k) I think I may be offered up to £170k mortgage, which should be enough to help me purchase the remaining 60% share of the flat in one go.


Obviously I've been working on improving my situation which included managing to get a bigger salary enabling me to repay debts and get to a stage where I will have a reasonable disposable income. I have 17 years left on the mortgage ie the 40% share and that takes me to retirement age.


My question is, when do I apply for a mortgage for the remaining share? When the debts are at 0 or can I do it sooner (I've been refused twice before in the past when the balance was higher). I estimate it will take me just over a year to have a zero balance but that is really scrimping for another year..Also I have read that repaying debts can be a condition of the mortgage (ie in order to get a mortgage whilst repaying the balance) and I definitely am a DFW but I had to get a new job to increase my salary to manage to pay them down, and finally I am getting there.


House prices in my area are slightly reducing at the moment as there are a lot of new flats being built, approx. 20,000..it tends to make prices level off I think. Either that or the area has peaked. I know I will need to speak to a broker as it will be a shared ownership mortgage but I'm not sure how to time it. I don't have the valuation done yet as it the purchase has to be started within the 2 months following valuation.


Thanks for any advice.