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Mortgage with Debt
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mortgagefirstimer
Posts: 4 Newbie
Hi all,
I am a first time buyer. I have recently agreed to take out a loan for my grandparents to improve their home (they are recently disabled and need improvements in their home). The loan will be for 15k and will be paid for by my grandparents. My question is will having this debt on my name restrict me getting a mortgage even though I will not be pay it?
Many thanks all
I am a first time buyer. I have recently agreed to take out a loan for my grandparents to improve their home (they are recently disabled and need improvements in their home). The loan will be for 15k and will be paid for by my grandparents. My question is will having this debt on my name restrict me getting a mortgage even though I will not be pay it?
Many thanks all
0
Comments
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The debt is in your name so will be taken into consideration by any potential lender.0
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The loan is in your name. You are legally reponsible for the payments. A mortgage lender will typically deduct 12 x the monthly payments from your annual salary to determine what they base their lending on.0
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what happens if they die before all the debt is paid off?0
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