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First time buyer with existing debt...

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daydreambeliever123
daydreambeliever123 Posts: 10 Forumite
in Mortgages & endowments
My partner and I are looking to buy a house together within the next few months - we're both first time buyers - have a joint income of 40,000 - approx 12% deposit. Neither of us have had defaults/late payments etc however I will still have a debt of about 3000 when we eventually apply (from a personal loan I took out a couple of years ago)

Has anyone had experience of getting a mortgage with debt? I have never missed payments on it and at £125 a month repayment, affordability should be fine...

Any advice would be much appreciated! :)

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  • thegirlintheattic
    thegirlintheattic Posts: 2,761 Forumite
    Why not just pay it off using some of your deposit? On your income £3,000 shouldn't be that difficult to replace. Then you will have no issues with the mortgage. Loans that will exist after completion reduce the max. loan you can get.
    Save £200 a month : [STRIKE]Oct[/STRIKE] Nov Dec Jan Feb Mar Apr
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