Anyone here get a mortgage with an outstanding loan?

YoungBusinessman

I can buy as early as April 2013 with OH 25% deposit on £150k house. I will have £10k outstanding on a loan at about £330 a month. Earning £40k+ gross and her £16k gross is this going to cause any problems?

Online calculators showing they would lend me upto £170k on my salary alone?? Seems alot.

Also what else do we need to put aside besides deposit?

£1000 soliciter fees
£5000 furnishing/getting everything set up
3 months bills/expenses in savings

anything else?

dimbo61

Just save every penny you can and build up as large as possible deposit,savings for expenses ( legals, set up fees, searches,survey,moving costs, furniture)
DO NOT buy anything until you are IN THE PROPERTY

YoungBusinessman

Well we are going for it. Saving £10k each for deposit so £20k down on place costing £110k. Then a few k each for emergency fund, surveys and fees. Then we will be taking the plunge. So looking at early 2013 to buy our own place.

Gives me £2k a month to save for 6 months then im ready...lets do it.