Posted on 30 September 2012 by Lisa
I have very recently taken out a 18k loan to cover old credit card debt. These credit cards were always played on time so no defaults or ccjs. I was just making no head way on them so I took advise to take a unsecured loan, reduce interest rates and get the debts paid off. However my husband and I are looking to move home. We currently have a joint income of 63k a year. The only debt we have is the loan of 400 a month and we also have a min of 50k in our current home for a deposit for a new house. Do you think getting a mortgage of 150k is possible? Thank you
Looking at your income and commitments a loan of £150,000 should certainly be within your reach. The final decision will depend on how lenders view your consolidation loan and what has happened to your credit card balances since then. If you have managed to kerb your spending on credit cards and not started to run up debts again there would seem to be no reason for lenders not to grant you a mortgage. If however, you have started to run up credit card debts again it is a sign that you can not manage your finances properly and you are likely to be declined.
I believe we can help you and that you would benefit from speaking to one of our independent mortgage advisers. Please call 0344 346 3672 and tell the consultant the date and title of your question, they will then be able to help you find the right mortgage for your situation.
Answers provided in response to Ask the experts are based on the information provided and do not constitute advice under the Financial Services & Markets Act. They reflect the personal views of the authors and do not necessarily represent the views, positions, strategies or opinions of John Charcol. All comments are made in good faith, and John Charcol will not accept liability for them.
We recommend you seek professional advice with regard to any of these topics where appropriate.