Getting a Morgage with a Loan

harding1985

Hi all,

Quick question for you lovely people, Will having a loan effect the amount of money we could borrow?

I have around a year left on my loan, we have no problems staying at home until its been fully paid off.

Just wondered if it effects it at all

Cheers
Lee

_Andy_

It will affect it to some extent (lenders will assess the affordability of the mortgage) but unless it's a huge part of your outgoings it should be fine.

devon_guy

Some lenders discount a loan if it only has a small period left to run. I think, though I may be wrong, that Nationwide don't count loans with less than 6 months remaining.