Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • 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
    • 61,084 Posts
    • 54,303 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
    • 61,084 Posts
    • 54,303 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
    • 557 Posts
    • 512 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
    • 557 Posts
    • 512 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.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

1,248Posts Today

7,473Users online

Martin's Twitter