We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 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!

Wanting a Mortgage but already have a personal loan

Options
kev1111
kev1111 Posts: 106 Forumite
in Mortgages & endowments
I am wanting to get a 70k mortgage how I already have a personal loan that I pay £500 per month and I still have 13 months left on this loan. I Earn £19k per year

Is there any way I can considate this with a mortage plan so i can wipe my loan out and still be able to get a mortgage?

Ideas and thoughts pelase
LLoyds TSB LOAN - Currently Stage 1
LLoyds TSB CC - Currently Stage 1
A&L Loan - Offer sent- accepted- awaiting feeback
Capital One CC - Currently Refund £45.15 :p
Halifax CC - Currently Stage 1
AA Loan - Currently Stage 1

Comments

  • Crashandburn
    Crashandburn Posts: 374 Forumite
    One thing you don't mention is the value of the property. You state you are looking for a £70,000 mortgage but no mention of the value of the intended property.
  • kev1111
    kev1111 Posts: 106 Forumite
    Sorry property value is £69,00, well thats how much its for sale for
    LLoyds TSB LOAN - Currently Stage 1
    LLoyds TSB CC - Currently Stage 1
    A&L Loan - Offer sent- accepted- awaiting feeback
    Capital One CC - Currently Refund £45.15 :p
    Halifax CC - Currently Stage 1
    AA Loan - Currently Stage 1
  • kingstreet
    kingstreet Posts: 39,256 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    You can't consolidate a loan into a mortgage, unless you have lots of equity or a big deposit which you use to repay the loan and put less down on the property.

    CandB is trying to establish;-

    - the purchase price of the property
    - the deposit
    - how much you wish to borrow.

    If you are trying to buy a £70k property with a £70k mortgage, you are going to struggle, unless you have a relative willing to put up their home or savings as additional security
    I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.
  • _Andy_
    _Andy_ Posts: 11,150 Forumite
    You're wanting to borrow more than the property value - not going to happen
  • shonzyd
    shonzyd Posts: 303 Forumite
    £500 per month on a 19k salary is more than a third of your take home income. How are the loan payments even affordable to you??? How much is the loan for, and for what purpose?

    100% mortgage, realistically I doubt that's gonna happen.
    Trainee Building Surveyor


    DIP 12/02/13 - Mortgage application 13/02/13 - Valuation 14/02/13 - Valuation OK 22/02/13 - Mortgage offered 05/03/2013 - Completion 22/03/2013

    FINALLY IN MY FIRST HOME    !!! WAHOOOOOOO! :beer:
  • maninthestreet
    maninthestreet Posts: 16,127 Forumite
    Part of the Furniture
    How much money for a deposit do you have saved?
    "You were only supposed to blow the bl**dy doors off!!"
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
  • 350.9K Banking & Borrowing
  • 253.1K Reduce Debt & Boost Income
  • 453.5K Spending & Discounts
  • 243.9K Work, Benefits & Business
  • 598.8K Mortgages, Homes & Bills
  • 176.9K Life & Family
  • 257.2K 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