Affordability with debts

Gazza90000

Can anyone give any advise as to likelyhood of acceptance and to what amount please?

Just starting on the journey to get a mortgage and have no idea what amount may or may not be offered!!

Salary 45k
Girllfriend 32k

Debts:
11k loan 3 years to go
10k on credit cards
550.per month maintenance

Girlfriend:
4k on cards

I know the debts are high but working hard to reduce as much as possible over the next few months

No missed payment or defaults for either

What you think?

csgohan4

generally you can borrow x4.5 of your gross income minus debts

you can base your budget on this. How much deposit do you?

I would suggest a broker to match you to a lender or advise you further when your ready

as you mentioned, that is a lot of debt and will impact on what you can borrow

Gazza90000

Thanks for reply. Only looking for starter home, probs around 150k with 10k deposit.

Based on above should be ok

ACG

£150k should be possible.
Just be careful before applying anywhere, some lenders have debt to income ratios that you may fall foul of.

In the main however, I would expect there to be lenders out there for you at normal rates.

getmore4less

What do you think you can afford to pay out each month and still tackle the debts.

Full SOA will help you understand your finances
What surplus income and housing cost do you have to pay a mortgage?

Gazza90000

Ive only just started looking so reckon i will have knocked off about £6k of those debts befor applying. All just lifestyle stuff, now i need to change that!