can i roll a loan into a mortgage

walksoflife

in a nutshell can i roll my current loan into a mortgage when i apply to buy a house to reduce my outgoings, i am also a first time buyer.

I have recently changed job to a lesser paid one and have taken a significant pay drop. I am looking to move back to where i grew up.

I am looking to get a mortgage on a £40000 to £50000 flat or house.
currently i earn £21000 but will be only earning £12000 in my new job. the only outgoings i currently have is £298 a month loan and £10 phone bill. I have £5000 saved and £7500 left on the loan.

The problem is i will take home £850 a month but cant afford a mortgage with the outgoing of a loan aswell. as a example If i get a £50000 mrtgage at %6 for 22 years it will be £343 a month leaving plenty for gas electricity ect ect. Also i know i will have to factor in other fees when buying which will have to come out of my £5000

any advice would be appreciated as am doing this on my own and its my first purchase

craig

ACG

Short answer is no.

You will be borrowing more than the property is worth by £2.5k.

opinions4u

Get a time machine and go back to 2007.

Then walk in to a Northern Rock branch and ask the same question.

Then wait five years and post about your negative equity woes on an Internet forum.

Joe_Bloggs

You do not have 5000 savings if you have a 7500 loan. You have 2500 of debt. Since you will not get a mortgage without a deposit I suggest you research alternative residential accommodation or change your employment plans.
J_B.

walksoflife

opinions4u wrote: »

Get a time machine and go back to 2007.

Then walk in to a Northern Rock branch and ask the same question.

Then wait five years and post about your negative equity woes on an Internet forum.

ha ha ha ha thanks....

walksoflife

Joe_Bloggs wrote: »

You do not have 5000 savings if you have a 7500 loan. You have 2500 of debt. Since you will not get a mortgage without a deposit I suggest you research alternative residential accommodation or change your employment plans.
J_B.

so answer is sell car to pay off loan use savings for a deposit

CBR600F_2

Your only outgoings are a loan repayment and a phone bill? Don't you eat food? Or use power? Or even wear clothes? Hell, if I walked around naked, people - men, women and children - would be crying left, right and centre.

'Daddy, daddy, why does that naked man have three legs?'

'Don't look at him. That's not normal.'

walksoflife

CBR600F wrote: »

Your only outgoings are a loan repayment and a phone bill? Don't you eat food? Or use power? Or even wear clothes? Hell, if I walked around naked, people - men, women and children - would be crying left, right and centre.

'Daddy, daddy, why does that naked man have three legs?'

'Don't look at him. That's not normal.'

lol yes i have other outgoings, wasnt going to go into them in detail the negligable im in the forces all comes out my pay bfore i even see it

walksoflife

if there is a mod can they close this thread please,

thanks craig

Joe_Bloggs

@walksoflife
If you could find a guarantor (parent,relative,friend) for the mortgage then things would be different.

Affordability is the technique that lenders use to analyse your finances and then say yes or no. There is a shortage of mortgage money. Only those with the best credit histories and can prove affordability can get it.

Some Estimated Monthly Charges

gas /electric______ 45
Phone____________15
Council Tax _______90
Service charge____ 60 Assumes a flat and insurance
TV______________ 12 License only
MOT/CAR/TAX ____ 50 Road Tax ,garage and insurance ?
Petrol____________ 00 deliberately ignored this
WATER RATES_____ 20
Food_____________ 00 Fresh air is enough

Expenses Total___ 292

Car Loan_______ 298

Mortgage_______ 343
Total___________ 933

---

Take home______ 891

---

Shortfall_________42

J_B.

walksoflife

cheers for the info should be alright am selling the car so wont have any loan. Credit history is exellent checked it on experian