How much debt are you actually in?

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Yep, I worked for a mortgage broker for ten years and one of our advisers had to go out early to an appointment after the husband called him to meet with him before his wife got there. He'd actually fathered a seven year child during a one night stand (before he met her) that his wife had no idea about. He hid his wageslips as the CSA was deducting his payments at source but he had to come clean to our adviser. It crippled their affordability and they couldn't get a mortgage. Oh to be a fly on the wall as that one played out. I wonder if they are still married 👀
Holy moly that's crazy.
 
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My family own an estate agents/mortgage advisory company. The amount of people who kick off because their offer is accepted and then cannot progress any further because of debt they failed to declare or lack of earnings is insane. They genuinely blame the agency, rather than admitting they were dishonest or failed to properly consider things.
An offer is only accepted subject to contract and a mortgage is only agreed in principal, lots of checks from thereon to see if its feasible. We have friends who had an offer accepted and put a post on social media that same day saying they had bought a house, it all fell apart because they had previous court judgements attached to them from past debt.
Lara joanna Jarvis recently fell into this, posting they had bought s house then having a paddy online that she was agreed a mortgage then couldn't get it. When in reality she hadn't declared the right years earnings!
 
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Interesting thread.

1200 on credit card
Approx 2500 student loan
85000 remaining on mortgage

Partner pays for his car etc.

I have about 9000 in savings (used to have a lot more but it went on renovation, surgery, maternity leave). I can see me not having this much for much longer.

Managing money is so hard.
 
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Start of 2018 finally admitted I was in so much debt. So ended up settling payment plans with most agencies. (Just had a new one come in yesterday. £1500! Taking me to court for a CCJ if I don’t pay up in 28days!)
2018 - owed £13,000 to different creditors
2020 - £2,400 left to pay (not including new debt!)
Had a few written off with help of a Facebook group and the 3 letter process.
Never had a credit card. Not worried about owning my home, due to inherit a house in next few years which I will then rent out myself as still live where I am. Don’t pay into a pension as of yet, I don’t feel like I adult very well 😂
 
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Whilst it doesn't necessarily go 'against' you, debt will always impact on your affordability when applying for a mortgage. Some lenders, even if you have credit cards with zero balances, will take the credit limits into account in their affordability calculations - the reasoning being they could approve the mortgage then you could go and run up those credit limits the next day.

You (and/or your partner) must earn a serious amount of money to getting a mortgage of £360,000 in the first place.
Hmmm maybe,
 
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£1,300 ish, I can’t ever get out of my overdraft as I earn around £600 a month
 
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I was in £2,500 but I won £5k on buzz bingo so I've cleared it. So happy to start 2020 the right way.
 
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I’m 33 and have a mortgage of £59000 with ten years left to run, i live in Belgium and we get tax benefits for having a mortgage so there’s no point in paying it back early.
I have £100 on a UK credit card that I clear off every month.
And that’s it, we have about £30000 in savings. I got a Saturday job when I was 16 and my Dad made me contribute to a pension scheme, this continued until I was 26 and left the UK. When I left it had 23k in, 7 years later and I haven’t contributed a penny since and it’s now worth 36k. My goal this year is to start contributing again, our money at the moment just goes on holidays, we do live comfortably compared to others our age.
 
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Age 33
Overdraft £1100
Credit cards £7300
Car finance £15700

no mortgage BUT got £23000 in saving for house deposit and currently being processed for a mortgage of £360k

so not all debt is against you
Be interested in your household income. You’ve got more debts than I have, and I don’t think my partner and I would get accepted on a mortgage that high xx
 
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I work part time so get Universal Credit top ups. This usually pays part of my rent. Unbeknownst to me, two of my pay cheques (Dec & Jan) fell in one of the UC assessment periods so this month I get no UC payment. Leaving me £95 short of rent and today I received a council tax letter saying my payments have. Gone up. A knock on from the UC assessment. I can't afford that either. In fact I have £15 to keep me going until Feb 7th. I don't have an overdraught or credit card. So I'm going to have to beg and hope. I can pay in installments. It's frustrating to fall victim to the system when I was virtually debt free. And very stressful. Especially as all this happened the same week as I was broken up with
 
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Car finance £1500 (paying off early)
Credit card (£5k and no idea why/what I spent it on..can only blame being immature and stupid)
I've had payday loans before which I really worry about for when I come to get a mortgage..😞💔
 
Be interested in your household income. You’ve got more debts than I have, and I don’t think my partner and I would get accepted on a mortgage that high xx
Combine we earn £65k a year, pretty much on the same wages.
We also work overtime so that was used in the calculations of our mortgage as we worked overtime for six consecutive months
 
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Combine we earn £65k a year, pretty much on the same wages.
We also work overtime so that was used in the calculations of our mortgage as we worked overtime for six consecutive months
Not that I’m comparing or competing at all, but we’ve got a combined income of 95k (Possibly 97k as I’ve taken on a second job). We need to go back to our mortgage advisor this year to see what we’d get accepted on, but I know my partner is keen not to have too high a mortgage. We want to be able to have a good lifestyle rather than paying for an expensive home. Thx for replying x
 
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I’m a single mum and on maternity recently broken up with my boyfriend, so stressed about putting my baby in nursery I don’t really have any family to look after him whilst I go back to work. Going to try and look for another job closer to me. Does anyone know how much you’ll get from UC as a single parent when my maternity ends 😖
 
I’m a single mum and on maternity recently broken up with my boyfriend, so stressed about putting my baby in nursery I don’t really have any family to look after him whilst I go back to work. Going to try and look for another job closer to me. Does anyone know how much you’ll get from UC as a single parent when my maternity ends 😖
You can go on entitled to or turn to us (I think that's what its called) and use their benefits calculator
 
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Single mum of two.

Debts £1500
No mortgage (renting),
No car finance (old banger)

I have recently found the Dave Ramsey method and have started following that, hoping to improve my savings etc. Worth looking at
 
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I’m a single mum and on maternity recently broken up with my boyfriend, so stressed about putting my baby in nursery I don’t really have any family to look after him whilst I go back to work. Going to try and look for another job closer to me. Does anyone know how much you’ll get from UC as a single parent when my maternity ends 😖
im in a very similar situation, I have a 4 month old. Do you have a local sure start children’s centre? Mine offer free citizen advice appointments where someone can help you with these questions. I get help towards my child care to be able to go back to work as I earn too much to get other benefits. But you may be able to get help that you don’t know about. Worth a try and every bit helps as it’s so hard to cover everything isn’t it x
 
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Not that I’m comparing or competing at all, but we’ve got a combined income of 95k (Possibly 97k as I’ve taken on a second job). We need to go back to our mortgage advisor this year to see what we’d get accepted on, but I know my partner is keen not to have too high a mortgage. We want to be able to have a good lifestyle rather than paying for an expensive home. Thx for replying x
Lenders will do between 4 and 6x your annual salary less your credit commitments. So if you have no credit commitments you could theoretically get £570k as a max but most lenders will sit around £427k.

Car finance £1500 (paying off early)
Credit card (£5k and no idea why/what I spent it on..can only blame being immature and stupid)
I've had payday loans before which I really worry about for when I come to get a mortgage..😞💔
Don’t panic about the payday loans, try to steer clear of them if you can. Plenty of lenders that will still consider you for a mortgage - try and use a broker when the time comes and be honest and upfront.
 
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Don’t panic about the payday loans, try to steer clear of them if you can. Plenty of lenders that will still consider you for a mortgage - try and use a broker when the time comes and be honest and upfront.
Thanks so much for the response and advice, I'll definitely do that when I'm ready to buy 😊 x
 
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Me and hubby have combined wage of £42,000 per annum. We are both 40 and have 3 kids age 5, 11and 15. The below are all combined between us.
Mortgage is £101,000 (£630 pm)
Personal Loan £15,000
Owe parents £8,000 for a car they bought us.
 
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