Help and advice require

MrsGeorge

Hi everyone we have been in our current property for 10 years under a LYFT scheme so will need to pay government back their deposit when we move and easiest option for this appears to be part exchange. We have found a new build property and they are offering us 100% part exchange price with free flooring.
I contacted a mortgage broker on Friday who gave us a decision in principle for the amount needed but commented it would be tight then spoke to Halifax yesterday who our current mortgage is with and it was not enough due to affordability.
I have a £15k loan recently and a £4K credit card although this could be halved or even paid off before the mortgage began.
I am wondering if there is anything we can do to improve our affordability criteria and if the decision in principle is still a good sign.

muhandis

Unsecured debt like CCs and personal loans have a disproportionate impact on affordability so if affordability is tight, paying them off could help.

While there can be many a slip between the DIP and mortgage offer, it's still a good sign.

MrsGeorge wrote: »

I am wondering if there is anything we can do to improve our affordability criteria and if the decision in principle is still a good sign.