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Sir_Render
Posts: 16 Forumite
Hi MSE folks! Hope you can help...
Currently renting having owned before and sold some years ago. No missed payments or any bad history. I'm 53. Salary is £73k, savings £18k, but I have £29k on 5 credit cards (combined credit limit £52k) and £6k on a loan plus £14k on a car PCP. So concerned that my level of indebtedness is a problem. Spoken to a couple of mortgage advisers who have suggested I might only be able to borrow £120k or so. A broker has suggested more like £!70k. Have seen a house at £180k so have the 10% deposit.
Thinking of going for an application but I'm concerned at being declined. What happens if that is the case? Might the lender say yes - but only offer to lend less? So at least I would know my limit. Or might they just say no. It I did get declined I'd be happy to wait 6 months before trying again. Are there any downsides of applying - as I understand the outcome does not appear on a credit report.
Currently renting having owned before and sold some years ago. No missed payments or any bad history. I'm 53. Salary is £73k, savings £18k, but I have £29k on 5 credit cards (combined credit limit £52k) and £6k on a loan plus £14k on a car PCP. So concerned that my level of indebtedness is a problem. Spoken to a couple of mortgage advisers who have suggested I might only be able to borrow £120k or so. A broker has suggested more like £!70k. Have seen a house at £180k so have the 10% deposit.
Thinking of going for an application but I'm concerned at being declined. What happens if that is the case? Might the lender say yes - but only offer to lend less? So at least I would know my limit. Or might they just say no. It I did get declined I'd be happy to wait 6 months before trying again. Are there any downsides of applying - as I understand the outcome does not appear on a credit report.
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Comments
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Your level of debt is less a problem for affordability that one for credit score at 90% loan to value.
A good mortgage Booker will answer your questions and manage this for you no problem.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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.0
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