Will I Get A Mortgage With A Lot of Debt UK
The million dollar question today is will I get a mortgage with a lot of debt. With the credit crunch at full throttle we all know that a lot of debt usually equates to a bad credit record. A poor credit record in turns means a severely reduced opportunity to get a mortgage.
But all is not lost there are still options open to you. This will depend on two major factors, the first being whether you have a sufficiently high income to support both lots of debt and a mortgage. The second relates to whether lots of debt has resulted in a bed credit record, which is often the case in these types of situations.
The best solution if you are looking to get a mortgage whilst you have a lot of debt, is to contact The Bad Credit Mortgage Centre. They specialise in helping people find high income multiple mortgages and bad credit mortgage solutions, a necessity when lots of debt is in involved especially if the debt has manifested itself in to a bad credit record.
If you’ve already got a mortgage but have sufficient equity in the property to support the consolidation of the debt within the remortgage this could be viable option to reduce your monthly outgoings and reduce the higher interest rate charged on credit cards, loans and car finance etc.
However, you have to remember the overall cost could be greater as you’re likely to repay the new mortgage over a longer term so it could cost you a great deal more over the long period
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