Excellent credit rating coupled with credit card and loan debt

TheSaintVII

Hi,

Me and my partner are looking to move this year and if we get the right price for our current property we'll have enough of a deposit.

My question relates to how lenders view existing debt. I've checked experian and I have an excellent rating but I also currently have a personal loan and a couple of grand on a credit card. Will a new lender take a dim view on the loan/card or will they just adjust the amount they will lend based on monthly repayments etc.

I hope this makes sense, and thanks in advance of any replies!

Thrugelmir

The lender will factor in your "other" financial commitments in determining affordability. So maybe worth considering clearing your credit card rather than saving for a deposit. In the process it will save you money as well.

xyellowx

im in the same boat good credit history, but have a personel loan 4 payments left and a balance on a card

try looking at one of the mortgage calculators as a rough guide, halifax have one they will lend me plenty till i put in the loan and card balances makes a big differance on how much they are willing to lend me