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  • FIRST POST
    • Lse0704
    • By Lse0704 9th Mar 18, 4:14 PM
    • 2Posts
    • 0Thanks
    Lse0704
    Can I get a first time mortgage when I owe dept
    • #1
    • 9th Mar 18, 4:14 PM
    Can I get a first time mortgage when I owe dept 9th Mar 18 at 4:14 PM
    Hi all I want to get a 210k mortgage, I am 43 and have 3 kids + wife with a salary of 36k p/year
    I ow 38k in loans & cards. I have never missed a payment and the history is good
    We want to buy a chunk of land of my inlaws (100k) then spend 60k on a timber Framed barn

    We currently rent

    Would it be possible to get a mortgage or big loan to pay off my dept and put the rest into this project?

    Thanks!
Page 1
    • kingstreet
    • By kingstreet 9th Mar 18, 4:18 PM
    • 33,397 Posts
    • 18,085 Thanks
    kingstreet
    • #2
    • 9th Mar 18, 4:18 PM
    • #2
    • 9th Mar 18, 4:18 PM
    With zero debt, your joint borrowing power is about 103,000 over 25 years.

    Add the debt to that and you are sunk.

    No mention of a deposit, nor any funds for the build?
    I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.
    • Lse0704
    • By Lse0704 9th Mar 18, 5:29 PM
    • 2 Posts
    • 0 Thanks
    Lse0704
    • #3
    • 9th Mar 18, 5:29 PM
    • #3
    • 9th Mar 18, 5:29 PM
    Ya I knew it was going to be a long shot. Thanks anyway
    • enthusiasticsaver
    • By enthusiasticsaver 9th Mar 18, 10:47 PM
    • 6,410 Posts
    • 13,194 Thanks
    enthusiasticsaver
    • #4
    • 9th Mar 18, 10:47 PM
    • #4
    • 9th Mar 18, 10:47 PM
    That is a completely unrealistic figure to borrow on your salary especially with 38k of debt. Generally multiples are up to 4 times income but that i# with no debt.
    Debt free and mortgage free and early retiree. Living the dream

    I'm a Board Guide on the Debt-Free Wannabe, Mortgages and Endowments, Banking and Budgeting boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com
    • John-K
    • By John-K 10th Mar 18, 12:23 AM
    • 654 Posts
    • 1,011 Thanks
    John-K
    • #5
    • 10th Mar 18, 12:23 AM
    • #5
    • 10th Mar 18, 12:23 AM
    As above, you are not able to live on your current salary, let alone service a debt.

    What have you been spending the money on?
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