Mortgage and Loans

moz414

Hi,

Just found this site and it seems to offer good advice so I have a question.

We are first time buyers and are looking to buy a house this year with a top price of about 160K. I earn 28K and my wife earns 19K. However, we have about 15K in loans and credit cards which we can comfortably pay at the moment (living in very cheap rented accommodation now). Would we be able to get a mortgage where we could add these loans on to so that we would only be paying one amount each month?

Hopefully someone will be able to give me some advice, thanks.

herbiesjp

There may indeed be some lenders that could close to this for you - difficult to say without knowing your whole situation.

Also you will need to look at the number involved i.e. what you are paying monthly on your cards and debts and what rate you would be paying on your mortgage.

Remember by adding onto your mortgage, you are making unsecured debt into secured debt against your property.

Also, it may be cheaper in the short term to do this, however you will be paying interest back on this extra amount over say 25 years as opposed to the original loan term.