Mortgage and debt

[Kayamdavis]

Me and my partner will be trying for a mortgage in a year - ish. We will have a huge deposit, around 35-40% of the budget we’re going for. Our credit scores are good, and everything is perfect. I am worrying though because he had two debts that totalled to about a thousand pound over 6 years ago before we got together. It’s off his credit record now but I’m worried this is going to affect us. If so how will it affect us? Thank you in advance.

 

[bhupinderbhatti]

You can get a mortgage while already carrying debt. It's completely up to you, how you manage your budget. You have to balance this situation.

 

[MechJony]

Hello! You should be clearly aware of the fact that each bank has its own requirements and conditions for issuing a mortgage loan, so I can advise you to contact the bank that you have chosen as the one that will provide you with a mortgage. Just please don't hire a financial advisor tied to a bank for anything. You do understand whose interests he represents, don't you? I strongly recommend looking for an independent financial advisor, for example, using a specialized Mortgage Advice Coventry platform.

 

[Dora Wi]

I see this post is somewhat old - do you have any updates? In my opinion if that debt is already in the past and you have good credit scores, there shouldn't be any trouble with getting a mortgage.

 

[Unclefedor]

good

 

[StanovDiego]

Hi! Thanks for the topic, hope to see more on this topic...

 

[MolleySorba]

It seems that your partner having a loan won't affect the decision about the mortgage. A mortgage is a very responsible step. Recently, a friend of mine also applied for a mortgage and ran into a problem. The bank refused to give it to her because she was pregnant, which is certainly a terrible violation of women's rights. But my friend didn't give up, of course she's a fighter.Anyway, her odyssey with a mortgage reminded me that loans are extremely irritating. There is only one kind of mortgage you can love (when you're older) the reverse mortgage. I read https://goodlifehomeloans.com/reverse-mortgages/ and then helped my parents apply for this mortgage. It's awesome.