What are my chances of getting a mortgage with an outstanding credit card debt ?
I have approximately £800 on a credit card as outstanding debt, yet I want to apply for a mortgage, I have a decent deposit. Will the outstanding credit card debt prevent me from getting a mortgage?
Tags: card, chances, Credit, credit card debt, debt, deposit, getting, getting a mortgage, mortgage, outstanding
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June 6th, 2010 at 10:43 am
No, not at all.
Mortgages are declined when people have CCJ’s or masses of personal loan debt that amount to 10’s or maybe 100’s of thousands of £’s.
£800 debt on your credit card is NOTHING. Believe me. As long as you meet your minimum payments each month, and your credit rating is high, you’ll be fine.
The biggest thing that mortgages go up against is income. The bank wants to be sure that you can meet the high monthly repayments of the mortgage, so if you are on a low wage, that might hinder your chances.
And remember, the higher the deposit you put down, the better position you’ll be in. A 100% mortgage is going to be TOUGH, so the deposit you have is a very good step!
You’ll be fine and good luck with your new home when you get it!
June 6th, 2010 at 10:50 am
Outstanding or do you mean delinquent or a charge off? With a Credit or FICO score of 620 or more you can get a mortgage in the US under special financing programs. I am not sure what it is in Europe.
June 6th, 2010 at 11:23 am
You credit rating is not assessed on the amount you currently owe. In fact if you have payed your instalments on time and without default it will help you. The mortgage firm will take the outstanding debt into account and will need to know the repayment figure when agreeing your loan. But if your deposit meets their criteria as does the rest of your circumstances there should be no problem.
Incidentally you should always shop around for a mortgage offer as they do vary quite a bit in interest and conditions from firm to firm.
June 6th, 2010 at 11:24 am
If you keep the payments current, you should be able to get a mortgage. However, the formula will require that you have more income or that you purchase a less expensive house than if you had no debt.