Can I get a mortgage if I have an overdraft and credit card?
Posted on 11 January 2017 by Kylie
Hi, I am looking to try and get my first mortgage. I have £20,000 deposit and need to borrow £65.000. I am however worried that I will be refused as I have a yearly income of £15,200 and have a planned overdraft of £2000 and a credit card with £2000. Will it be possible for me to get a mortgage?
Getting a mortgage with an overdraft
We've run some basic affordability models for you and your potential ability may be seriously restricted because of the amount of debt. However, if you were to pay off your credit card from the £20,000 deposit, we might be able to borrow £67,000 on the mortgage.
As the case will need to be carefully assessed before a final decision is made, I strongly recommend that you speak to one of our brokers who can assess your whole case as other factors will be very important too, such as credit score, address history, employment history etc.
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