Looking to get a mortgage but worried about how being in debt could affect your chances? It\u2019s true that with some lenders, debt can be a problem, but this certainly isn\u2019t the case for every lender on the market.\r\n\r\nWith the help of a whole-of-market broker, you could save time, money and potential disappointment. They can help you find a lender who specialises in customers with debt, potentially increasing your chances of success dramatically.\r\n\r\nIn this short guide, we\u2019ll be laying out key information you need to know about getting a mortgage when in debt. The following topics are covered below\u2026\r\n<ul>\r\n \t<li><a href="#can-i-get-a-mortgage-if-im-in">Can I get a mortgage if I\u2019m in debt?\u00a0<\/a><\/li>\r\n \t<li><a href="#what-is-the-debt-to-income-ratio">What is the debt to income ratio?\u00a0<\/a><\/li>\r\n \t<li><a href="#how-do-i-get-a-mortgage">How do I get a mortgage when in debt?\u00a0<\/a><\/li>\r\n \t<li><a href="#remortgage-in-debt">Can I remortgage if I'm in debt?\u00a0<\/a><\/li>\r\n \t<li><a href="#how-can-a-mortgage-advisor-help-me-get">How can a mortgage advisor help me get a mortgage when in debt?<\/a><\/li>\r\n \t<li><a href="#speak-to-an-expert-about-getting-a-mortgage">Speak to an expert about getting a mortgage while in debt<\/a><\/li>\r\n<\/ul>\r\nIf you would like to talk with an advisor about how to get a mortgage when in debt, call us on 0808 189 2301 or <a href="https:\/\/enquiries.onlinemortgageadvisor.co.uk\/match-me-with-a-specialist-broker">make an enquiry<\/a>. We\u2019ll introduce you to the right broker for free.\r\n\r\n[feefo-banner]\r\n<h2 id="can-i-get-a-mortgage-if-im-in">Can you get a mortgage with outstanding debt?<\/h2>\r\nIn short, yes. Your own personal and financial circumstances can have a huge impact on the likelihood of you getting a mortgage when in debt, so lenders will first need to see how much debt you are in and how you manage it.\r\n\r\nSome lenders have strict criteria that prevent them from saying \u2018yes\u2019 to customers with a less than perfect <a href="https:\/\/www.onlinemortgageadvisor.co.uk\/bad-credit-mortgages\/understanding-your-credit-reports\/" aria-label=" (opens in a new tab)">credit report<\/a>, as this can suggest a history of mismanaging finances.\r\n\r\nYour ability to repay your loans on time and in full is of high importance to lenders, so lending to someone who has previously had trouble with repayments can be seen as risky.\r\n\r\nThat said, specialist lenders can take other factors into consideration such as your debt to income ratio.\r\n<h2 id="what-is-the-debt-to-income-ratio">What is a debt to income ratio?<\/h2>\r\nA <a href="https:\/\/www.onlinemortgageadvisor.co.uk\/mortgage-affordability\/debt-to-income-ratio\/">debt to income ratio<\/a> is essentially your monthly debt payments divided by your gross monthly income (this is your income before taxes or any other deductions are taken out).\r\n\r\nLenders use this simple calculation to determine whether you can comfortably <a href="https:\/\/www.onlinemortgageadvisor.co.uk\/mortgage-affordability\/" aria-label=" (opens in a new tab)">afford your new mortgage<\/a> along with your current other debts.\r\n\r\nFor example, if your total monthly debt came to \u00a3500 and your monthly income is \u00a32,000, your debt-to-income ratio would be 25%, which is considered healthy.\r\n\r\nLenders express the debt to income as a percentage. To calculate the percentage, you need to divide your monthly debt by your monthly <a href="https:\/\/www.onlinemortgageadvisor.co.uk\/mortgage-affordability\/income-needed-for-mortgage\/" target="_blank" rel="noreferrer noopener" aria-label=" (opens in a new tab)">income<\/a> and multiply this figure by 100.\r\n\r\nThe rule of thumb is that the lower the percentage, the better the debt to income ratio. That said, the debt to income ratio required for a mortgage can vary from one lender to the next.\r\n<h3 id="tips">Tips for calculating your debt to income ratio<\/h3>\r\nSome lenders will also include the debt of your potential mortgage within the calculations when working out your debt to income ratio.\r\n\r\nA lot of people forget to include many of their \u2018debts\u2019 when calculating their debt to income ratio, which can lead to confusion or miscalculations.\r\n\r\nRemember to include all debts such as:\r\n<ul>\r\n \t<li>Rent payments<\/li>\r\n \t<li>Car loans<\/li>\r\n \t<li><a href="https:\/\/www.onlinemortgageadvisor.co.uk\/mortgage-affordability\/student-loans-and-mortgages\/" target="_blank" rel="noreferrer noopener" aria-label=" (opens in a new tab)">Student loans<\/a><\/li>\r\n \t<li><a href="https:\/\/www.onlinemortgageadvisor.co.uk\/bad-credit-mortgages\/credit-card-and-mortgages\/">Credit cards<\/a><\/li>\r\n \t<li>Catalogue debts<\/li>\r\n<\/ul>\r\nIf you\u2019re struggling to calculate your income to debt ratio, make an enquiry today and we\u2019ll introduce you to one of the mortgage experts we work. The advice you receive is free and there will be no marks against your credit rating.\r\n<h2 id="remortgage-in-debt">Can I remortgage if I'm in debt?<\/h2>\r\nYes, potentially. Being in debt doesn't automatically make you ineligible for a remortgage. Your creditworthiness and affordability would be assessed in exactly the same as they would be for a primary mortgage.\r\n\r\nMany property owners who find themselves in debt often consider a <a href="https:\/\/www.onlinemortgageadvisor.co.uk\/remortgages\/debt-consolidation-mortgages\/">debt consolidation remortgage.\u00a0<\/a>This could be an option for you, but be sure to seek professional advice before making a decision on this.\r\n<h2 id="how-do-i-get-a-mortgage">How do I get a mortgage when in debt?<\/h2>\r\nFirst calculate your debt-to-income ratio (<a href="#tips">see the section above<\/a>) as the amount you spend repaying your debts each month is one of the key factors here. This will likely affect the amount you can borrow and the number of lenders who will consider your application.\r\n\r\nMost experts will also recommend thinking about whether you\u2019re in a position to settle any of your debts before you apply, or least putting a plan in place for repaying them, as the mortgage provider will be keen to see that you\u2019ll be able to do this.\r\n\r\nNext, it\u2019s worth speaking to a whole-of-market broker as they can help you find the best deals for customers with debt. Since the amount of approachable lenders will likely be fewer, the best rates could be more difficult to come by if you go it alone.\r\n<h2 id="how-can-a-mortgage-advisor-help-me-get">Should I clear my credit card debt before making a mortgage application?<\/h2>\r\nSome experts might recommend doing this, as debt of any kind will be factored into your affordability calculations and may affect the amount you\u2019re able to borrow.\r\n\r\nThat said, some lenders might still offer you the full amount you\u2019re looking for if you can present them with a viable plan to repay the debt alongside your mortgage payments.\r\n\r\nThe deals you qualify for if you\u2019re unable to settle your credit card debt before you make an application might ultimately come down to the amount of debt you\u2019re saddled with and how much you\u2019re spending to chip away at it each month.\r\n\r\nIf you make an enquiry with us, we\u2019ll connect you to a broker (for free) who can advise you on whether paying off your credit card debt ahead of your mortgage application is the best course of action.\r\n<h2>How can a mortgage advisor help me?<\/h2>\r\nMany of the advisors we work with have years of experience when it comes to helping people in debt find mortgages.\r\n\r\nSearching the market for numerous lenders can be confusing, especially if you\u2019ve never done it before and are unsure about what a <a href="https:\/\/www.onlinemortgageadvisor.co.uk\/bad-credit-mortgages\/bad-credit-mortgage-rates\/">good mortgage rate actually is.<\/a> You want a fair and affordable deal, and working with a mortgage broker can help you get that.\r\n\r\nThe mortgage experts we work with have whole-of-market access to many lenders right across the UK and can compare various deals on your behalf.\r\n<h2 id="speak-to-an-expert-about-getting-a-mortgage">Speak to an expert about getting a mortgage while in debt<\/h2>\r\nContact us today on 0808 189 2301 or make an\u00a0<a href="https:\/\/enquiries.onlinemortgageadvisor.co.uk\/match-me-with-a-specialist-broker" target="_blank" rel="noreferrer noopener" aria-label=" (opens in a new tab)">enquiry here<\/a> to learn more about how you could get a mortgage when in debt.\r\n\r\nSpeaking to a whole-of-market broker before you set off could save you time and money in the long run, as well as avoid unnecessary marks on your credit report.\r\n\r\nWe won\u2019t charge a fee to introduce you to one of the advisors we work with and there\u2019s absolutely no obligation on your part.