Mortgage with credit card arrears?

[TwoIfBySea]

Is this possible? To get a very small mortgage (20k only needed) with bad credit?

When ex-dh left a few years ago he left a ton of debt which I have slowly been working through. Important things first like rent etc. (the money he was supposed to be paying towards them went to his bit on the side.) He had also used my credit card to the max and put the joint account in overdraft. The joint account is now his responsibility - although my name is on it until he clears the debt which will probably be never. I told the cc company I no longer wanted it and wanted to pay it off so they sent it to a debt collector and I'm paying them.

Anyway, my mum has needed to move in with me and my dts, we've been looking for somewhere to stay and there is a place but we need £20k to make the price up.

I really don't know what to do as it is all down to me and the stress is getting a bit. I know I'm going to end up paying more thanks to a bad marriage, I'll be paying for that for the rest of my life it would seem.

Well the worst they can do is say no, so it's worth asking. HSBC were pretty good with me but I've always banked with them so I guess they could go back and check what I was like before I was married.

The mortgage company will look at your income and your outgoings today. If your income will cover the extra £20k mortgage then in theory the answer will be yes.

If you can prove you have been steadily paying off the debt for a while then that also proves you can manage your money effectively.

I hope it works out. Scrounging spendthrift ex-husbands make me seeth.

Thanks Kj!

Yes, it is frustrating when you've spent your life being careful only for one dumb decision to blow it all up.

Still I have to keep going, I have to show my dts how to live life properly - living in a better area would help though!

There is also Loan to Value to consider. By the sounds of it the load will be a low percentage of the value of the property. So that could well be of interest to the lender... as in the event that you fail to pay the loan, they have 1st charge over the property so can sell the property at below market value and still get back their loan amount.

Prepare income/outgoings list... show how you will be able to make the repayments on the loan. Approach a couple of lenders and see what they say.