borrowing

wills7

I'm a first time buyer and am about to move in to my new house. I can easily afford my mortgage, CT and service charge but i also have a a few loans and credit cards which i pay monthly. It will take me 7 years to clear them all and i'm paying 330 a month on them. I would dearly love to clear them and have ONE repayment every month even if this is over 10 years or longer if it's lower than i'm already paying as at the moment i'm not struggling but i'm not comfortable. My credit rating is also pretty poor and i was wondering if this was possible to do and does anyone know who would be prepared to lend me the money or if there is another way around it? Thanks

nbbradshaw

Can I suggest that the quicker you pay off a loan the better your credit rating will be. To get a clear idea of how you can make this happen, you could look at my original multi loans thread

http://forums.moneysavingexpert.com/showthread.html?t=231355&highlight=multiloans

hope this helps
Nigel

wills7

I'm not to fussed about my credit rating as i could quite happily go through life without another credit card, loan, overdraft, etc. My mortgage is the only thing i need

ukmonkey

wills7 wrote:

I'm not to fussed about my credit rating as i could quite happily go through life without another credit card, loan, overdraft, etc. My mortgage is the only thing i need

Wills, you never know what is around the corner though fella.

Think hard about the statement you have just made...

wills7

I earn a comfortable salary and all i'm saying is that if i want something now i will save for it rather than get credit for it..

AndrewSmith

wills7 wrote:

I'm not to fussed about my credit rating as i could quite happily go through life without another credit card, loan, overdraft, etc. My mortgage is the only thing i need

Maybe you are not but any mortgage lender will be when you look to re-mortgage, consolidate debt, move home, change product, add another party to the mortgage etc etc:

Credit rating/history is the primary factor used by a lender to determine your suitability for their criteria.

Depending on this is whether they agree to lend you the money, at what rate, and at what income multiple.

wills7

I undestand that, what i'm trying to say is though, once i've cleared all my debts i wont (touch wood) take out another credit card, loan etc. The only thing i want is an overdraft (which i've mention in another thread)

MortgageMamma

It is possible to do this, credit rating permitting but I would suggest you take professional advice regarding the implications of doing so, specifically on a number of the points Andrew Smith has made.

wills7

MortgageMamma wrote:

It is possible to do this, credit rating permitting but I would suggest you take professional advice regarding the implications of doing so, specifically on a number of the points Andrew Smith has made.

You thinj it would be really possible to add my debts to my mortgage?

MortgageMamma

depends on a few facts

size of mortgage
size of debts
credit rating
how much you earn
your employment status

but its sometimes possible, yes

wills7

If i PM you some details can you give me your honest opinion then?