We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

Mortgage & Personal Loan

Benno1983
Benno1983 Posts: 82 Forumite
Part of the Furniture 10 Posts Combo Breaker
in Mortgages & endowments
Is it possible to get mortgage whilst having a personal loan?

Thanks

Comments

  • blueberrypie
    blueberrypie Posts: 2,396 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker Name Dropper
    Yes - but the loan might have an impact on how much a lender will offer you. Also remember that you also need a deposit (at least 10% of the purchase price of the property) - and if you're thinking of using a loan for the deposit, forget it - lenders don't play that game.
  • Benno1983
    Benno1983 Posts: 82 Forumite
    Part of the Furniture 10 Posts Combo Breaker
    It's just that I have a personal loan and we have a deposit of £16k so was just wondering if this would be eligible. Thanks for your help.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    How much is outstanding on the loan?
  • Benno1983
    Benno1983 Posts: 82 Forumite
    Part of the Furniture 10 Posts Combo Breaker
    It's 7k. Can you put it onto a mortgage?
  • blueberrypie
    blueberrypie Posts: 2,396 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker Name Dropper
    You could, assuming your LTV, deposit and income are still adequate - but do you really want to be paying interest on a £7k loan for the next 25 years?
  • Benno1983
    Benno1983 Posts: 82 Forumite
    Part of the Furniture 10 Posts Combo Breaker
    Can you explain what LTV is please?

    Thanks
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Loan to Value. For example:-

    House Value £100,000

    Mortgage £80,000

    LTV = 80%
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Benno1983 wrote: »
    It's 7k. Can you put it onto a mortgage?

    Suggest you repay the loan. Then increase your monthly saving accordingly.

    Always try and clear debt before saving. As it'll save you more in the longer term.
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

Categories

  • All Categories
  • 347.2K Banking & Borrowing
  • 251.6K Reduce Debt & Boost Income
  • 451.8K Spending & Discounts
  • 239.5K Work, Benefits & Business
  • 615.4K Mortgages, Homes & Bills
  • 175.1K Life & Family
  • 252.8K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16K Discuss & Feedback
  • 15.1K Coronavirus Support Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.
Update Your Picture