Getting a mortgage with partner Watch

Coco_D
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So due to some complications a few years ago, i ran up a few grand on a credit card. This is now at £3,600. My fiancé and i are currently looking at getting a mortgage in principal as there are a few houses in the area that we like. I also have a car on finance (which i recently got so they didnt mind the 3k) and a very account (missed maybe 1 or 2 payments by a few days but always pay double the minumum payment)

My question is, would all of that “debt” risk our chances of getting a mortgage? I would honestly hate to be rejected due to me and my credit card. Has anyone ever had the same issue? Is £3,600 a lot?

Help please, stressing!!!
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999tigger
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(Original post by Coco_D)
So due to some complications a few years ago, i ran up a few grand on a credit card. This is now at £3,600. My fiancé and i are currently looking at getting a mortgage in principal as there are a few houses in the area that we like. I also have a car on finance (which i recently got so they didnt mind the 3k) and a very account (missed maybe 1 or 2 payments by a few days but always pay double the minumum payment)

My question is, would all of that “debt” risk our chances of getting a mortgage? I would honestly hate to be rejected due to me and my credit card. Has anyone ever had the same issue? Is £3,600 a lot?

Help please, stressing!!!
Did you ever miss payments?
Have you checked your credit record with experian?
It would in theory have an effect but need not be fatal if you have made all payments.
They will take the debt you carry into account because it affects your disposable income, but if you have a high salary it has less impact.
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xDron3
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Your credit history will be scrutinised along with your wage. If you have all this debt, paid on time and you've got enough income then no you'd be completely fine.

However if you've missed payments and would struggle with money then the answers is not likely to be a good one.
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maachu_pichuu
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You should be paying off your card in full each month, it's not wise to take on debt at 20-30% interest. That will destroy you in the long run as the debt starts to compound (earning interest upon interest). I assume as long as you have NOT missed any payments, you should be fine. If you have missed payments, getting a mortgage is going to be very hard unless your partner has a high income and strong credit history.
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harrysbar
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(Original post by Coco_D)
So due to some complications a few years ago, i ran up a few grand on a credit card. This is now at £3,600. My fiancé and i are currently looking at getting a mortgage in principal as there are a few houses in the area that we like. I also have a car on finance (which i recently got so they didnt mind the 3k) and a very account (missed maybe 1 or 2 payments by a few days but always pay double the minumum payment)

My question is, would all of that “debt” risk our chances of getting a mortgage? I would honestly hate to be rejected due to me and my credit card. Has anyone ever had the same issue? Is £3,600 a lot?

Help please, stressing!!!
£3,600 is not a lot on a credit card, trust me.....my husband and I have had a lot more debt in the past and not had a problem getting mortgages. They do take it all into account as will only lend you what they think you can repay but the amount you owe on credit cards is not enough to make you a bad risk.
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Coco_D
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Thanks so much guys. I’ve never ever missed a payment on my credit card as it makes me so anxious to think about and i get paranoid that the bailiffs will be banging on the door!!! Lol. I won’t disclose what i make but between my partner and i we have a 43k+ annual salary between us. I have checked my credit on clear score about 10 months ago but again, get paranoid about checking that too much as it could go against me. We’ve done an AIP/DIP with a couple of banks, which has come out fine. But obviously that means nothing until you apply for the actual mortgage!!

Again, thanks for the responses guys, sorry for the rambling!! (First time buyer probs!!!!)
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Kutie Karen
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They will look at this and see if you are essentially able to pay the mortgage on time if granted. Missed payments will also be taken into account. How much deposit are you putting down and how much do you need to borrow ?
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Coco_D
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We have a 20 grand deposit and only need to borrow 130k
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Emma:-)
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(Original post by 999tigger)
Did you ever miss payments?
Have you checked your credit record with experian?
It would in theory have an effect but need not be fatal if you have made all payments.
They will take the debt you carry into account because it affects your disposable income, but if you have a high salary it has less impact.
I agree
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claireestelle
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(Original post by Coco_D)
We have a 20 grand deposit and only need to borrow 130k
we had a 12k ish less income than you both and borrowed 140k on a 5% deposit, at the time i think we had less than £500 of debt, so can't see it being an issue when you have quite a bit more income.
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Coco_D
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Thank you so much everyone, i’ve stopped over thinking now!!
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