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Posted by Jo07 : November 4th, 2007

No escape!

Hi Whilst I am managing to pay my loans/credit card bills each month I don't seem to be making a dent in getting rid of my £25k debt. I also have been renting for ten years and just feel I am getting nowhere regarding moving forward. I did wonder if it would be possible to get a mortgage with having this amount of debt and if I was successful could I get a mortgage for £25k more than the house so that I could pay it all off and have one lump payment to work on? At the current rate of me paying off things I don't think I will be out of debt for another 6 years and it just seems neverending, and whilst I know that I got myself into this mess at least if I was paying a mortgage I would feel that I was working towards something that would be mine eventuall. Any advise would be appreciated.
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Hello Jo07

Getting a mortgage isnt the easiest thing to get weather in debt or not. But just because you are in debt, this doesnt push the mortgage route out of the picture. A mortgage lender will more than likely look at your credit rating along with your income and expenditure. The way you are looking at going is a good route, like you said your debt would be in one place and eventually at the end you will have something of your own. You could even look into a payment plan to pay your debt off at the same time as getting a mortgage. At least then its not secured on your new property. If you give us a call at the Debt Advise Trust, we could look through all of your details and see what route is the best one for you. Hope this helps.
Posted by: dat help