Will my loan affect getting a mortgage?

Rousie

Hi Guys, nice forum you have here!

Been lurking for a long time, but never had good info to share or needed any help... untill now.

My girlfriend and i are looking to buy a house together, and while i've done the sums, and can afford a good mortgage, i'm not too sure on how my existing debt will affect our borrowing limits.

Silly when i was younger and took a loan out for £12k for a nice car, and other things i wanted, thinking it would be ok.

I've never made a late or missed a payment, but i'm worried the outstanding balance of around £4k will work against us.

Our only other debt is a 2 credit cards with approx £2k between them (Both have more than a £3k limit)

We don't have a massive deposit, so really need about 80% LTV.

We could settle all our debt with deposit money, but we need to move out yesterday :-)

Any help or advice on the above?

Thanks for reading.

McKneff

As long as you havent defaulted on anything, I dont see why it should affect you actually getting a mortgage.

It will probably affect how much but you'll just have to wait and see how much you can borrow.

Good luck with it all

By the way = Welcome to the boards,:wave:

CLAPTON

different lenders have different criteria but they take you debts or monthly repayments into account when making an offer
by way of eample try putting different numbers in the nationwide mortgage calculator
http://www.nationwide.co.uk/mortgages/default.htm

Rousie

Thanks for the info so far!

Hope it doesn't affect it too much, as according to most calculators, we can only JUST borrow what we need :-(

dimbo61

YBS do 85% LTV mortgages if that helps at all