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Anyone good with mortgages?

(3 Posts)
Kirriemuir Sun 05-Feb-17 13:56:25

Asking for my neighbour who wants to move this year.

She says she has about £80,000 profit in her house so value (assuming she gets it, less balance of mortgage to pay off). She has debts of about £18,000.

When looking online all lenders ask for details of debts in working out what she can borrow but she wants to pay off these debts with the profit. This will leave her with a lower deposit but she's ok with that. She jut wants the debts gone.

How does it work? Should she leave off the debts or still include them. Will including them reduce what she can borrow? Thanks.

anyname123 Sun 05-Feb-17 13:58:51

She should ask for quotes without the debt, but with the lower deposit, so 62k.

TurquoiseDress Sun 05-Feb-17 15:26:53

Yes she should leave out the debts- rather calculate as if they will be paid off at completion.

Have debts of any kind most definitely the amount of mortgage that you will be offered.

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