Mortgage and high personal debt???

H

happy1

Guest
HI there i have managed to accumulate debt of roughly 30,000 to 35,000,including car loan,personal loans and credit cards. If I consolidate into one loan over five years would financial institutions consider giving myself and my partner a mortgage? We both earn 50,000 each. My parents will be giving me about 10,000 for a deposit and we would be looking at borrowing 250,000.
Thanks in advance
 
I don't think it would be a problem - I am personally aware of instances of coupes getting mortgages of ~€300k on simmilar incomes. Note that they will only give you (typically) 90-92% of the value of the property you are purchasing, so don't forget that as a factor. Note that it would be a good idea to consolidate some of the debts - especially the credit card debts - to get a lower interest rate.
 
You should not have a problems getting a mortgage based on your income and current debt levels, seek independent advise, as they will know which bank to choose from, based on your current income you should be able to borrow in the region of €300,000 to €350,000 - PM me if you require any further assistance
 
CathyK said:
PM me if you require any further assistance
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It would be more in the spirit of AAM as a community if things were discussed here on the public forums so that others might benefit from the advice, insights and recommendations.
 
Happy you should be OK for the mortgage but watch that debt, sounds very high to me , its very high for someone who has not purchased a property and is planning on doing so.
I would try to present a plan on how you intend to clear the debt over the next four/five years and pay your mortgage.
You need to look at your NET income , amount of mortgage per month which will apply and then add your debt repayments per month to make sure that you will be able to sustain yourselves.
 


Hi there,
Thanks for the advice. Have consolidated the loans and now paying much less interest which makes saving more manageable! My bank were great which helps
 
Are you sure that you will pay much less interest in the long run and not just that your monthly repayments are less?
 
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