Before you take out any mortgage, pay off your credit card debt and wait a couple of months after making the payment because credit cards companies are always late to report your payment.
2006-11-04 00:14:25
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answer #1
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answered by Anonymous
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My advice would always be to see an independent mortgage adviser - you can spend all day going from bank to building society being bamboozled with different interest rates and ending up totally confused. One visit to a good mortgage adviser and they can search the whole market for you and get you the best rate for your circumstances. Try www.unbiased.co.uk for a local adviser near you. Try to find one who won't charge you an extortionate fee - many will work on commission from the lender so you don't have to pay them.
Unless you have missed payments on your credit card, £2400 debt isn't a problem. The high street lenders will base the amount you can borrow on your income, less any debt you have. The usual amount you can borrow is around 3 times your income, but there are several lenders who will now lend much more - hence you need to really see a mortgage adviser - good luck!
2006-11-04 03:13:51
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answer #2
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answered by BECKY W 1
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Your credit rating will affect the amount of money a mortgage company will lend you. They put people into low, medium and high categories. Every company has different criteria though so it's worth shopping around. I recommend you go to a financial advisor on this as he/she can do the work for you. £2400 really isn't a lot of credit card debt. Most people I know have credit card debt and still have mortgages.
2006-11-04 00:13:48
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answer #3
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answered by Anonymous
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Hi there,
When you apply for a mortgage , the company will most certainly do a credit check on you. Yes the girl that sais about the ccj's is correct, but if you are a slow payer or any other problems on your paying bills, no matter how small, will be taken into consideration. One thing though, they do have your home as security for their money they lent, if you apply for 100% loan then that's when probs start, because you are asking for tyhe full value of the property. owever if you are asking say 50% loan then as long as you don't have really bad debt problems I think you should be ok as they have more than the money they leant you in your home, but warning if this happens they reposses your home and sell it for as much as they can get it at auction, and as long as they get their money back they don't care about you, hence this is why in the tiny writng below on you application that you need the hubble telescope to read which says that more or less, you can lose your home if you don't pay.
Hope I have helped Jimmy Essex England UK
2006-11-04 00:26:39
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answer #4
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answered by DIAMOND_GEEZER_56 4
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As long as you have been meeting your payments on time then you will have no bother at all - lenders are more lenient than they used to be but make sure you shop around. Remember not all mortgage advisers are independent so beware. Get everything in writing and be completely honest when form filling. Already having a credit card is good for your credit rating so you at least already have a history for them to check. Good luck x
2006-11-04 00:12:55
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answer #5
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answered by StephE 3
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as long as you have no ccj's (county court judgements) then you should be alright getting a high street mortgage.
2006-11-04 00:02:58
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answer #6
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answered by Jo. 5
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