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Mortgage and loans
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TrueBlueAngel
Posts: 63 Forumite
Hubby and I took out a car finance loan with Welcome and decided recently to get on the property ladder. We thought we would be able to hand the car over (we have 3 years left on it) and that would give us more money to put towards a mortgage. But Welcome say that we cannot do this unless we pay half of what we owe but we cant manage that. How much will having this loan affect us when looking for a mortgage?
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take your monthly repayment on the car. times this by 12. SUbtract that figure from your salary. That new salary figure is what the mortgage company will use when calculating your lending.
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