Mortgage advice if possible please

[crashlanding21]

Good Morning all!

 

Its been a while since I used this forum for winning my bank charges back so firstly a big thank you to the users ho helped me through out the process and for CAG to be made available.

 

Secondly, I would like some advice:

 

I currently owe around £10k of debt main bulk is a car loan that got messy!

 

I have been with a debt mamangement company for almost 3 years now and I have paid approximately a 1/3 of the total I owed.

 

I would like to purchase a house with my girlfriend. As like many people in this world, I have no deposit and 100% mortgages are out of the question at the moment, so this is my plan and I would like to know fi this could be an answer:

 

Find a house! £100k for example. Apply for a loan to cover costs of deposit and to settle C.C account (£3K) and to purchase any needed items for the new house.

 

Then add the value of the loan to the mortgage and pay that off but add to total mortgage.

 

Add a further £10k to the house and get the moment back to settle all outstanding debt and add on to mortgage?

 

Combined total basic income for us both is £35k a year, we have been private renting for 3 years this November at £450 PCM without missing one payment.

 

I am currently paying off these debts on a debt mamangement program that is far from the best at £300 per month and I would like to put a bul of this to a house rather than greedy debt people!

 

We are totally comfortable paying the rent at £450 but we feel that little bit extra we could have our own home. The costof adding the debt to the mortgage over a longer time wold free up so much more disposable income for us and I feel its the way forward.

 

Would people be able to advise on if this course of action is possible and what action to take next?

 

Thanks for your time and support

 

Graham

[crashlanding21]

That a no then? Anyone?

[gizmo111]

Would people be able to advise on if this course of action is possible and what action to take next?

 

Your credit rating is likely to be trashed because of the DMP, so no one is going ot give you a loan and much less a mortgage.

Any mortgage will take into account your current debts and this will reduce the amount you can borrow. You will need at least a 15% deposit so on your figures of 100K you will need to borrow around 20K unsecured - unlikely.

 

I suggest you pay off your unsecured debt, then save up for a decent deposit as well as the fees, this will give your credit file a chance to recover slightly as well.

[zander]

All lenders lend on their own affordability tables so chances on that basis also look slim.

[crashlanding21]

I forgot to mention i will not be getting the loan my girlfriend would. and she has a very high chance of being accepted.

 

I am only after advise and whether this course is possible and i thank you for your responses#

 

gee