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  • FIRST POST
    • sarahb8708
    • By sarahb8708 17th May 18, 9:16 PM
    • 5Posts
    • 1Thanks
    sarahb8708
    chances of a mortgage with debt
    • #1
    • 17th May 18, 9:16 PM
    chances of a mortgage with debt 17th May 18 at 9:16 PM
    Due to inheritance I own 25% of a house, so to buy it I would need a 75% mortgage. I owe about 12000, Are my chances of getting a mortgage as non-existent as I think?
Page 1
    • Thrugelmir
    • By Thrugelmir 17th May 18, 9:29 PM
    • 59,777 Posts
    • 53,116 Thanks
    Thrugelmir
    • #2
    • 17th May 18, 9:29 PM
    • #2
    • 17th May 18, 9:29 PM
    The debt you owe is going to impact affordability calculations. Why not use the your share of the equity as a springboard to give yourself a fresh start?
    Financial disasters happen when the last person who can remember what went wrong last time has left the building.
    • sarahb8708
    • By sarahb8708 17th May 18, 10:00 PM
    • 5 Posts
    • 1 Thanks
    sarahb8708
    • #3
    • 17th May 18, 10:00 PM
    • #3
    • 17th May 18, 10:00 PM
    It's my family home that will otherwise have to be sold to strangers and I would rather live there than anywhere else. I have assumed that I wouldn't be able to get a mortgage. I just wanted to check if that was definitely right.
    • Thrugelmir
    • By Thrugelmir 17th May 18, 10:13 PM
    • 59,777 Posts
    • 53,116 Thanks
    Thrugelmir
    • #4
    • 17th May 18, 10:13 PM
    • #4
    • 17th May 18, 10:13 PM
    There's always a subject to proviso. Though with a high level of accumulated current debt. There's various reasons why underwriters may view your application negatively. There's no harm in speaking to a broker to sound out your options. Could a family member assist you to reduce your debt level at all?
    Financial disasters happen when the last person who can remember what went wrong last time has left the building.
    • Edi81
    • By Edi81 17th May 18, 10:14 PM
    • 528 Posts
    • 483 Thanks
    Edi81
    • #5
    • 17th May 18, 10:14 PM
    • #5
    • 17th May 18, 10:14 PM
    It!!!8217;s all relative.
    If you have 12k of debt and a 100k salary it!!!8217;s different to the same amount of debt on a 20k salary.
    What!!!8217;s your income? How much is the property worth?
    • sarahb8708
    • By sarahb8708 17th May 18, 10:23 PM
    • 5 Posts
    • 1 Thanks
    sarahb8708
    • #6
    • 17th May 18, 10:23 PM
    • #6
    • 17th May 18, 10:23 PM
    I'd guess the house would be worth about 150000, joint income of about 40000
    • Edi81
    • By Edi81 18th May 18, 6:18 AM
    • 528 Posts
    • 483 Thanks
    Edi81
    • #7
    • 18th May 18, 6:18 AM
    • #7
    • 18th May 18, 6:18 AM
    Doesn!!!8217;t sound too bad.
    Speak to a mortgage broker.
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