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    • Skywalker007
    • By Skywalker007 9th Oct 16, 2:13 PM
    • 5Posts
    • 1Thanks
    Getting a Mortgage while paying loan
    • #1
    • 9th Oct 16, 2:13 PM
    Getting a Mortgage while paying loan 9th Oct 16 at 2:13 PM
    I have about £5000 worth of loan which i left to pay at the rate of £500. I believe this might affect the amount of money i can borrow from a bank.

    If i up the payment to about £1000 meaning i got 5 month left to pay, will be bank be able to overlook this and not penalise me by removing a lot from how much i can borrow from them?

    i noticed if i put this loan amount, it reduces how much i can borrow. Do banks reconsider if the loan will be paid off soon?
Page 1
    • Thrugelmir
    • By Thrugelmir 9th Oct 16, 2:17 PM
    • 52,974 Posts
    • 45,328 Thanks
    • #2
    • 9th Oct 16, 2:17 PM
    • #2
    • 9th Oct 16, 2:17 PM
    Try some of the online calculators to assess the impact on your ability to borrow. If you can afford to why not just the pay off the debt. Cheaper to borrow more on the mortgage than pay the interest on the loan.
    “ “Bull markets are born on pessimism, grow on skepticism, mature on optimism, and die on euphoria. The time of maximum pessimism is the best time to buy, and the time of maximum optimism is the best time to sell.” Sir John Marks Templeton
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