Will having a loan affect my chances of being accepted for a mortgage?

Sassy222

My fiance and I both have unsecured loans but are currently saving a deposit for our first home together. Neither of us have ever owned property before or been a party to a mortgage. Will the fact that we have these loans affect our chances of getting a mortgage even if there is no problem with our credit ratings/scores, both of which are 'excellent' with a score of 999?? Any comments gratefully received!!! Thanks!

beecher2

Any loan will be taken into consideration when assesssing affordability so it depends on how large the loans are, how big a deposit you have, and how the salary multiples stack up. You could go onto the Debt Free Wannabee forums for help in paying off your loans.

Thrugelmir

You should use your savings to pay off these loans. There is little point in paying out more interest on the loans than you are earning on your savings.