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    • scottyr
    • By scottyr 10th Jun 17, 3:29 PM
    • 2Posts
    • 0Thanks
    Applying for a mortgage with credit card debt
    • #1
    • 10th Jun 17, 3:29 PM
    Applying for a mortgage with credit card debt 10th Jun 17 at 3:29 PM
    Hey guys,

    Haven't posted in many years but wondered if there is anyone else here in the same boat as me and my wife.

    We have around 15,000 credit card debt with roughly 70,000 equity in our current house.

    Will a lender allow a mortgage if we plan to pay off the debit with part of the equity?

    Thanks for the advice in advance!!
Page 1
    • -taff
    • By -taff 10th Jun 17, 10:10 PM
    • 7,404 Posts
    • 5,459 Thanks
    • #2
    • 10th Jun 17, 10:10 PM
    • #2
    • 10th Jun 17, 10:10 PM
    I bought mine with a CC debt, tht I paid off with part of the equity. It was a condition of the mortgage, however, they have never asked for proof I did so.
    I did though, because that way, totally debt free afterwards....except for the mortgage of course.
    • ACG
    • By ACG 10th Jun 17, 10:17 PM
    • 16,691 Posts
    • 8,675 Thanks
    • #3
    • 10th Jun 17, 10:17 PM
    • #3
    • 10th Jun 17, 10:17 PM
    Debt in itself is not an issue, it all comes down to the whether it passes affordability and whether the lender has debt to income calculations in the background that might not pass.

    If you were to just switch products with your current lender, then it is unlikely you will need to go through underwriting again.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, 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.
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