consolidating loan into first time mortgage

robert1980

hi there, i'm looking into getting my first house and would prefer to buy rather than rent. my only problem is i am currently paying back a loan at £298/month which is hindering my options. is there any lenders out there you can suggest which will allow me to consolidate my loan into the mortgage, so that i only have the mortgage payments every month. i've heard the one account may offer something like this ,but for some reason i can't find very much info via a search and would rather hear from someone who is using it instead of trusting what is said on their website.

any help would be greatly appreciated.

cheers,
robert.

herbiesjp

There are several lender that may look at this scenario for you. However they would look at your affordability very closely to make sure that should circumstances change i.e rate rises, it would not put at risk your ability to pay the mortgage

robert1980

thanks for the quick reply, would you be able to name any lenders i could contact and have a chat with?

Fairdo_2

Robert1980.

Do you have a deposit, or are you looking at over 100% borrowing, if you include the consolidate the borrowing?

If you are looking at over 100% of the property value, then the 3 lenders in the market are:

Northern Rock (the original lender of this type) - "Together Mortgage"
Coventry Building Society - "MOREgage"
and the newcomer
Mortgage Express - "MAX 130"

Hope this helps.

robert1980

cheers will look into them. anybody who has actually done this i would be interested how you got on or are getting on with it?

thanks,
robert.