In order to advise you accurately, we'll need to know your circumstances in depth. It's very important that you tell us everything about any loans or credit commitments you may have eg. a student loan or a loan for a car or furniture to prevent any issues down the line.
This also means that sometimes it will be useful to have a look at your credit report in order to make sure we are recommending the most appropriate lender.
Generally speaking, considerable debt can affect the amount you will be able to borrow and may reduce the choice of lenders we have when recommending a mortgage.
In order to give you a definitive answer, we will need you to complete our online forms and help us understand your needs better.
What if I have a debt management plan in place?
In general, lenders will look for your debt management plan to have been fully paid out, followed by 12 months of on-time payments, before considering offering a mortgage.
With regards to debt consolidation, when consolidating any unsecured borrowing to your mortgage, it is always important for you to know that although the interests may be lower, this could mean that — spread over a longer period of time — you could pay back significantly more interest than you would under your current arrangements.
It is still your responsibility that these debts are cleared from the additional advance on your mortgage and the affordability of the new mortgage is based on the assumptions of your repaying those debts.