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  • FIRST POST
    • Handbags&Gladrags
    • By Handbags&Gladrags 8th Jan 18, 3:02 PM
    • 11Posts
    • 3Thanks
    Handbags&Gladrags
    Chances of a mortgage with credit card and loans?
    • #1
    • 8th Jan 18, 3:02 PM
    Chances of a mortgage with credit card and loans? 8th Jan 18 at 3:02 PM
    I am writing for some advice from the lovely mortgage brokers/advisors on the site and also perhaps from people who have been in a similar position.

    *Boyfriend and I are looking to get on the property ladder.

    *He has £25,000 saved for a deposit. Mortgage would be in both of our names.
    *We are in the South East in a county where the cheapest properties are in the region of £260-290K so would be looking at around this mark.
    *Currently both living with our parents but we are in our early-mid 30’s and have been together 6 years so wanting our own space.
    *I have 2 loans and a credit card of which he is fully aware – I am paying down my debt whilst he saves for mortgage deposit.

    I am curious -hypothetically if we were apply for a mortgage at this point in time are we likely to be declined because of my debts? I have put figures into various mortgage calculators and have had some success but I know that these are not a guarantee. Do you know of anyone who has successfully got a mortgage for a similar amount with similar debt figures to mine? If so was it a high street or sub-prime lender? I know really we should make an appointment with a mortgage broker and find out ourselves but we have always assumed that we would not get anywhere as things stand and had resided ourselves to it being another couple of years.

    Partner:
    Earns £30,000 per year
    No debt ever. Has a mobile phone on contract and has recently taken out first credit card to use to try and get a little re-payment history, will be paying in full every month.

    Me:
    Full time job earning £22,540, Part time job earning £4,100 (total £26,640)
    Credit Card: Balance £4800 (minimum payment £104 a month)
    Loan 1: £11,500 (£231.13 over 60 months) – to end Sept 2020
    Loan 2: £14,600 (£299.93 over 60 months) – to end March 2021
    I have a history of loans and credit cards but have always paid off in full and have no defaults, missed payments, no payday loans, bad credit history etc, everything has always been up to date.
    I check my noddle credit score regularly which shows as excellent (but I know this is a meaningless number).

    Thank you in advance for anyone who replies.
Page 1
    • YHM
    • By YHM 8th Jan 18, 3:25 PM
    • 537 Posts
    • 198 Thanks
    YHM
    • #2
    • 8th Jan 18, 3:25 PM
    • #2
    • 8th Jan 18, 3:25 PM
    Looks clean enough to me. Your loan repayments against your income are quite hefty, but would even out on a joint application.

    I would set expectations though, think you will be looking towards bottom end of your purchase budget.

    Sounds like its broker time for you!
    Last edited by YHM; 08-01-2018 at 3:26 PM. Reason: .
    I am a Mortgage Broker.

    You should note that this site doesn't check my status as a Mortgage Broker, 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
    • Handbags&Gladrags
    • By Handbags&Gladrags 9th Jan 18, 6:43 AM
    • 11 Posts
    • 3 Thanks
    Handbags&Gladrags
    • #3
    • 9th Jan 18, 6:43 AM
    • #3
    • 9th Jan 18, 6:43 AM
    Thank you very much YHM, very much appreciated x
    • Firsttimebuyers
    • By Firsttimebuyers 9th Jan 18, 8:57 AM
    • 158 Posts
    • 160 Thanks
    Firsttimebuyers
    • #4
    • 9th Jan 18, 8:57 AM
    • #4
    • 9th Jan 18, 8:57 AM
    Yes, we're up North so a different scenario with the purchase price, but we've got a 95% mortgage offer even though I have a car finance and credit card, and my partner has a loan, car finance and 2 credit cards. No special conditions to pay back the credit cards or loans prior to completion - our broker ran through our figures in the calculators first, and we've bought a house for £135k, the calculators indicated we could go up to £150k
    • Handbags&Gladrags
    • By Handbags&Gladrags 10th Jan 18, 12:41 PM
    • 11 Posts
    • 3 Thanks
    Handbags&Gladrags
    • #5
    • 10th Jan 18, 12:41 PM
    • #5
    • 10th Jan 18, 12:41 PM
    Thank you Firsttimebuyers x
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