I have not missed any payments, but fear I will be rejected due to my maxed-out cards
Q I am 47 and on a good annual income of £45,000, but owe £25,000 in credit card debt, which is nearly 90% of my available credit. My wife is 37 and has a lower income of £22,000, but no debt and an excellent credit score. We are desperate to buy our first home and have saved around £16,000 to put towards the deposit.
With my high level of credit card debt – but no missed payments – is it likely that I will be approved for a mortgage on my own? I have got agreements in principle, but feel that when a full application is made, horrible questions will be asked about my nine, mostly maxed-out credit cards and that I will be rejected. I want to avoid a joint mortgage if possible as I don’t want my wife’s credit score being negatively affected by mine. CA
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