Possible or not?

JFW1950

Hello, I’m just after opinions before going into possibly moving. Sorry if long winded. 

Our situation is as follows. 

Home owners, wanting to gain some extra space. 

As it stands we will have approx 

150k equity/deposit from sale of current house
78-80k joint household income

however have -

10k on credit card (0% and going down/not used)
6k loan for car

just not sure whether to bite the bullet and see or would the debts be an issue and need to clear in full first? 

We would probably only want/need to borrow 250k to combined with the 150k equity. 

Really appreciate anyone’s opinion or thoughts. All payments manageable at mo and after paid quite a fair amount of disposable income which we use to just pop to savings and overpay on debts.

many thanks

chasingfreedom

JFW1950 said:

Hello, I’m just after opinions before going into possibly moving. Sorry if long winded. 

Our situation is as follows. 

Home owners, wanting to gain some extra space. 

As it stands we will have approx 

150k equity/deposit from sale of current house
78-80k joint household income

however have -

10k on credit card (0% and going down/not used)
6k loan for car

just not sure whether to bite the bullet and see or would the debts be an issue and need to clear in full first? 

We would probably only want/need to borrow 250k to combined with the 150k equity. 

Really appreciate anyone’s opinion or thoughts. All payments manageable at mo and after paid quite a fair amount of disposable income which we use to just pop to savings and overpay on debts.

many thanks

Hi JFW1950, I'm currently going through the process of trying to get a mortgage and have much more significant debt than you do. We've had some issues but not because of the debt, because we also have a very low deposit (5%) I would definitely suggest its worth looking into as you have a significant deposit and good income. I don't think it'll be an issue for you if it meets affordability, which you can check on most of the websites. (unless there are any other issues obviously) 

JFW1950

chasingfreedom said:

JFW1950 said:

Hello, I’m just after opinions before going into possibly moving. Sorry if long winded. 

Our situation is as follows. 

Home owners, wanting to gain some extra space. 

As it stands we will have approx 

150k equity/deposit from sale of current house
78-80k joint household income

however have -

10k on credit card (0% and going down/not used)
6k loan for car

just not sure whether to bite the bullet and see or would the debts be an issue and need to clear in full first? 

We would probably only want/need to borrow 250k to combined with the 150k equity. 

Really appreciate anyone’s opinion or thoughts. All payments manageable at mo and after paid quite a fair amount of disposable income which we use to just pop to savings and overpay on debts.

many thanks

Hi JFW1950, I'm currently going through the process of trying to get a mortgage and have much more significant debt than you do. We've had some issues but not because of the debt, because we also have a very low deposit (5%) I would definitely suggest its worth looking into as you have a significant deposit and good income. I don't think it'll be an issue for you if it meets affordability, which you can check on most of the websites. (unless there are any other issues obviously) 

Thank you chasingfreedom this is really good to know and hear from someone currently going through similar. Good luck in your mortgage process.