First time buyer with a personal loan

jayuk022002

Hi

I have a personal loan of £13k and am currently paying £370 a month for

I am looking at buying our first house/flat with my fiance.

We are looking to get a mortgage of around £100k and we are looking to have a 10% deposit.

My question is is it possible to get a mortgage that also pays the personal loan?

holly_hobby

I presume you mean add the loan redemption figure to the mge borrowings, and upon completion pay the loan off ? (aka the old Northern Rock Together Mge - that allowed a LTV up to 125% of mge borrowings)

I am afraid that those days are over ...

So you either pay off the loan out of your currently saved deposit ... or don't do this and have the lender take into consideration the monthly loan commitment - which will affect the level of borrowings available to you.

Hope this helps

Holly

KingElvis

Those days are long gone, that idea is just soooo 2006

jayuk022002

Thanks guys for the quick response. I thought that may be the case but i thought i would ask.

I looked quickly at Santander and they say they can lend the amount i need even though i have the loan.

Many others that i have checked so far say no.

I suppose the best way is to make an appointment and ask if by me having the loan will mean i cannot get the mortgage.