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  1. #1
    DF PlaYa TJB's Avatar
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    Default Fucking mortgage affordability?

    So, I'm in the process of renewing my mortgage. Over £60k annual income. Over £70k equity in the house. Over £20k in my savings account. Want to borrow less than £110k. No fucking dice because I've got £15k on credit cards. Under writer says I've failed the affordability test. Never defaulted on any payments and have a 'good' credit rating. Unbelievable! How the fuck does that work?

  2. #2
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    Default Re: Fucking mortgage affordability?

    I'm no financial advisor mate but I think I can see a reasonably straightforward way out of this.
    No sympathy for the devil; keep that in mind. Buy the ticket, take the ride...

    8 Thanks given to beansontoast

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  3. #3
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    Default Re: Fucking mortgage affordability?

    Any reason why you would save £20k rather than pay off debt? Usually the interest charges are higher than interest paid unless you're using 0% on purchases to bank the cash and earn free interest.


  4. #4
    DF Jedi BigBrand's Avatar
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    Default Re: Fucking mortgage affordability?

    Dare you to post that on Reddit's financial section.

    Thanks to BigBrand

    Sanj[UK] (8th December 2016) 


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    DF Jedi Brydo666's Avatar
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    Default Re: Fucking mortgage affordability?

    Makes no sense having the savings sitting there with that CC balance, without doubt the reason for failing the test.

    If you didn't have that savings, the next thing would be to shift the CC balance to a fixed term loan. Sure it'll cost more than moving it to 0% cards but to an underwriter it's a much more secure debt than the CC.

  6. #6
    DF PlaYa TJB's Avatar
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    Default Re: Fucking mortgage affordability?

    I know what the answer is but the money was left to me in a will so I'm loathe to us to pay off debt. I wasn't asking for advice really, just whinging.

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    DF Jedi consoles's Avatar
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    Default Re: Fucking mortgage affordability?

    Quote Originally Posted by TJB View Post
    I know what the answer is but the money was left to me in a will so I'm loathe to us to pay off debt. I wasn't asking for advice really, just whinging.
    It's fucking money you have already spent, pay it back and move on.

  8. #8
    DF Jedi akimba's Avatar
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    Default Re: Fucking mortgage affordability?

    Quote Originally Posted by TJB View Post
    I know what the answer is but the money was left to me in a will so I'm loathe to us to pay off debt. I wasn't asking for advice really, just whinging.
    I see what you are saying and rather use the money left to you from a loved one to be a deposit for a house as is a nice sentiment but if CC's are stopping you then they have to go.

    If 15k on cards must be a big chunk out of wages that could be used for mortgage and who is to say you not run that up to 20-25k? which at some point would threaten your mortgage payments?

    How long ago was the money left to you as if recently I wonder if that was part of the analysis also?

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