Options on getting a mortgage with some debt

Philcous42
Philcous42 Posts: 2 Newbie
in Mortgages & endowments
Hi everyone, new to the forum really hop8ng I can get some useful advise or pointed in the right direction , so me and my partner currently rent of my partners parents but they are wanting to sell next year towards there retirement, the house doesn't have a mortgage on it , but both me and my partner have debts that we coudnt just get rid of to enable us to get a mortgage just wondering what our options would be in any

Comments

  • Sanne
    Sanne Posts: 523 Forumite
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    Your post would be better on the mortgage board (I’m sure an admin can move this for you). What sort of debt are we talking about? Generally, debt won’t necessarily stop you from getting a mortgage (with a mainstream lender) but will affect the affordability as payments towards that debt are taken into account. A mortgage broker can advise.
  • sammyjammy
    sammyjammy Posts: 7,379 Forumite
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    Income? House price? How much are the debts? Any CCJs or defaults?
    "You've been reading SOS when it's just your clock reading 5:05 "
  • babyblade41
    babyblade41 Posts: 3,932 Forumite
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    As above a few more details of debt probably more relevant and who too
  • Philcous42
    Philcous42 Posts: 2 Newbie
    Myself I have 3k of debt on credit cards and my partner has 12k on credit and store cards no defaults house price 70 grand income between us just over 50k , have csa payments at 400 a month which I know will effect the amout of borrowing
  • datlex
    datlex Posts: 2,239 Forumite
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    OP you can do free calculations on line. For example https://www.halifax.co.uk/mortgages/mortgage-calculator/calculator/# In the monthly commitments you put your debt payments.
    Paid off the last of my unsecured debts in 2016. Then saved up and bought a property. Current aim is to pay off my mortgage as early as possible. Currently over paying every month. Mortgage due to be paid off in 2036 hoping to get it paid off much earlier. Set up my own bespoke spreadsheet to manage my money.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
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    Philcous42 wrote: »
    Myself I have 3k of debt on credit cards and my partner has 12k on credit and store cards no defaults house price 70 grand income between us just over 50k , have csa payments at 400 a month which I know will effect the amout of borrowing

    Given the circumstances you've outlined. Tackle your debts as the priority. Once the future becomes clearer then adjust your plans accordingly.
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