Mortgage with my loan?

[JonX2C]

Hi All

Help needed, the other half and I are really keen to buy a house, we have been renting for a while now and feels it time we stopped pissing money down the drain on rent and actually buy a house.

Problem is I still have an unsecured loan of #7,000 sitting in my Natwest account.

So does that mean I have to clean that debt before I can think about a mortgage or what?

Were desperate to do something soon, and I have no way to shift this debt for another 18 - 24 months.

Any help??

[Defcon5]

Given the above, I take it you have no savings for a deposit either?

[JonX2C]

My other halfs parents have offered us a nice sum for the deposit, and my other has about 3,000 in savings.

I obviously dont want to use her parents money of her savings to pay the loan off.

[Dave_ST220]

The mortgage application will ask all about this, if they deem you can't afford the mortgage & the loan then you won't get it.

[JonX2C]

So I can still apply for one?

My loan has 3 years left and is only taking like 150 a month out of my account, We havea combined incoome of 70k, i just didnt know if you could apply with a personal loan or not??

[Dave_ST220]

Yes you can apply but whether they will say is another thing. Like i say, they tend to look at all your outgoings and what you both earn. If the sums add up for them then they will lend.

[Dave_ST220]

BTW, if you are both pulling in £70K where has all the £££ gone?!! Shouldn't be too hard to pay it off & sort a deposit surely? Depends how badly you want it

[JonX2C]

any mortgage advisors on here who can clear this up??

[Dave_ST220]

Scotal is your man.

[JonX2C]

our rent is #1300 a month which hurts

[scotal]

Dave_ST220 said:

Scotal is your man.

Kind of you to say so.

Jon, YHM

[AnthonyC]

Dave_ST220 said:

BTW, if you are both pulling in £70K where has all the £££ gone?!! Shouldn't be too hard to pay it off & sort a deposit surely? Depends how badly you want it

Somewhat off-topic, but I agree with the above.With a combined income of £70k and rent of £1300 per month, short of a cocaine habit / Rolex collection, can't see why you just don't save up for a few weeks and pay off the small loan.

Just a thought.......

[VTECMatt]

I am trying to gret my head around this. Roughly you will be spending 2k on cost of living and have a take home of around 3.7k very roughly. Pissing up 1.7k a month!

[UpTheIron]

VTECMatt said:

Pissing up 1.7k a month!

Easily done

[spikeyhead]

UpTheIron said:

VTECMatt said:

Pissing up 1.7k a month!

Easily done

Three bottles of vintage and two non-vintage krug, barely covers the expenses for a decent Thursday night out.

[VTECMatt]

If we are talking brandy that would be a bottle of my favourite tipple.

Seriously though why have a loan for that small amount if he has that much disposable.

[TomBoo]

Hi Jonathon - shouldn't be a problem getting you a mortgage with existing personal loans/credit cards, etc provided you have reasonable credit history and your loans are well conducted, and the proposed mortgage is affordable.

Minimum deposit would be 10% of the property value, (although we can get you much better deals if you can raise more deposit)

£1,300 would certainly fund you a decent sized mortgage at current mortgage rates, and you could even end up buying a property and paying less per month than current rental outgoings.

Send me a PM if you want to explore this further.

I would be delighted to help

Regards
Tom

[1066]

I wonder how one person who is part of a couple earning £70k a year can come across as so dull on a forum. Are you a footballer?

[JonX2C]

1066 said:

I wonder how one person who is part of a couple earning £70k a year can come across as so dull on a forum. Are you a footballer?

haha! good joke!