📨 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!

Existing debt for first time buyer

Options
fonz
fonz Posts: 1 Newbie
in Mortgages & endowments
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

Comments

  • GMS
    GMS Posts: 5,388 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Is the loan for the deposit?

    Impossible to answer the question without knowing what your earnings and intended borrowings are
    I am a Mortgage Adviser
    You 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.
  • ACG
    ACG Posts: 24,585 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    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 Adviser
    You 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.
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 351.1K Banking & Borrowing
  • 253.2K Reduce Debt & Boost Income
  • 453.6K Spending & Discounts
  • 244.1K Work, Benefits & Business
  • 599.1K Mortgages, Homes & Bills
  • 177K Life & Family
  • 257.5K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.
Update Your Picture