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Advice - applying for mortgage with credit card debt - should partner pay off?
londoner2019
Posts: 244 Forumite
I moved to London a while ago and took out some 0% interest credit cards to support myself while I got on my feet working in a low-paid industry. I'm now earning a respectable salary, but still have considerable credit card debt (12k).
My partner sold a property overseas and is now looking to buy in London. She has enough for a considerable deposit, whereas I would not be contributing to the deposit at all. We can have it in writing about what we get in and out of it respectively (We'd be contributing equal amounts in mortgage payments).
Would it however be beneficial to ask my partner to pay off the credit card debt completely, and have it in writing separately that whatever I pay towards the mortgage repayments I can essentially pay her back with my share of the property over time?
We both need to be on the mortgage as despite the deposit money, my partner's salary means she would not get the mortgage for the value we would like on her own.
My partner sold a property overseas and is now looking to buy in London. She has enough for a considerable deposit, whereas I would not be contributing to the deposit at all. We can have it in writing about what we get in and out of it respectively (We'd be contributing equal amounts in mortgage payments).
Would it however be beneficial to ask my partner to pay off the credit card debt completely, and have it in writing separately that whatever I pay towards the mortgage repayments I can essentially pay her back with my share of the property over time?
We both need to be on the mortgage as despite the deposit money, my partner's salary means she would not get the mortgage for the value we would like on her own.
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