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Additional Details
any one with ... |
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given_up | Advice on mortgage? |
My partner and i are looking into buying a house next year but the problem is we have alot of debt, £13,000 altogether. Does anyone know if we would be allowed to get extra on a mortgage to pay these off so we just have one monthly payment? So for example if we get a mortgage of 120,000 we actually get one for 140,000 to pay debts off? We are saving now but that is for stamp duty etc. Thanks in advance |
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loanman
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first off, there arent any debt consolidation home purchase mortgage loans. so the answer is no. after you buy the house, if it appreciates you may be able to take out an equity loan and consolidate your debt. best thing to do is stop using any credit cards and only pay cash for what you absolutely must have. take your smallest balance credit card and start knocking down the balance. when it is 0, take the next one and start putting all into it. do this until you are debt free. depending on your debt ratio with this debt and without will have a big impact on whether or not you will qualify for a home purchase mortgage.
good luck |
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U812B4
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Sometimes you can get a little extra money back in a mortgage, but your credit must be solid. |
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Oh no!
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A few banks will give you a mortgage that is worth more than the house (110% LTV e.t.c). The downside being that the interest rates are higher and less competitive and you are far more likely to go into negative equity should house prices fall. It's a dodgy place to be but I guess only you can decide what you want to do. |
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roger.williams20@btinternet.com
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Much would depend upon the value of the property you intend buying. Mortgage lenders are now curtailing risk and it appears you would have no deposit to place on the house. On the basis of the information you have provided I do not think you would have a chance. |
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tellygonemad
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advice yes!! dont get one |
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Faithless
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It will be very difficult to get a morgage with that sort of debt. In fact, without a deposit of at least 5% of the asking price of the property you are going to buy will mean you will be payting a higher interest on your mortgage.
Get some independent financial advice but it looks like you will have to clear your debts first. |
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Max Power
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A couple of lenders here in Eire did 110% mortgages , a lot did in the US cant comment in the UK but im sure they followed suit. |
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angela S
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you cant get a mortgage for more than the house is selling for. the only thing the lenders care about is that your debt to income ratio is less than 42%. Which means you cant pay out more than 42% of your income in bills, including your house payment. Fha loans are a little more flexible and allow a little more debt. If you manage to get a great deal a manage to buy a house for less than it is worth then you can go back and refinance it and roll the rest of your debt into it. |
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MDHanner
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I'm assuming you're located outside the U.S. In the U.S., lenders strictly forbid receiving cash on a purchase. Your best option would be to purchase a home well under value and try to refinance in 6 mos - 1 year to pay off these other debts. No guarantees. If this is high interest debt (credit cards), I would seriously consider paying some of it down before purchasing. Good luck! |
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hah
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Well, here in the U S you couldn't get one right now, they have tightened up on loans because too many "high risk" borrowers were defaulting and the banks and mortgage companys were left holding the debt, and real estate. I know you didn't ask for this advice, but maybe it would be best to get a handle on the debt you have before you get more in debt. Also, it's never a great idea to buy a house with a partner, really. jMO |
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Thin Kaboudit
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If you have £13,000 in debt, you don't really WANT a mortgage, you will only get approved for a really, really crappy rate. Pay down your debt, you'll qualify for a far better interest rate and save a FORTUNE in the long run... |
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j2frw
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The best thing to do would be to talk to an independant financial advisor |
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Nerd
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I don't know. |
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Bazooka Joe
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that's illegal, consult an attorney before you pull a bonehead move like that. you dont wanna add bail onto your debt list. live out of debt. thats the problem with the american economy right now, is its running off a huge debt....anyway, dont do it |
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