We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Existing debt for first time buyer
fonz
Posts: 1 Newbie
Around 2 years ago I borrowed £9000 from Nationwide over a 36 month payment period. I currently owe around £4000 and I am considering borrowing a further £8000 for another 36 months.
How difficult would having this debt make securing a mortgage be? Let's suggest for example I manage to scrape up a 10% deposit.
I am a first time buyer.
Thanks,
Dan
How difficult would having this debt make securing a mortgage be? Let's suggest for example I manage to scrape up a 10% deposit.
I am a first time buyer.
Thanks,
Dan
0
Comments
-
Is the loan for the deposit?
Impossible to answer the question without knowing what your earnings and intended borrowings areI am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
If your mortgage easily supports the loan and the mortgage then it might not a problem, but as the above says it all depends on your income and the mortgage.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.5K Banking & Borrowing
- 254.2K Reduce Debt & Boost Income
- 455.1K Spending & Discounts
- 246.6K Work, Benefits & Business
- 603K Mortgages, Homes & Bills
- 178.1K Life & Family
- 260.6K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards