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Influence of Loan on Mortgage Application
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OverRated
Posts: 136 Forumite
Hi All,
Quick question.
I have a loan from Nationwide for an original amount of £18,500 at 7.4%. How does a loan (in good status) influence any mortgage application?
Quick question.
I have a loan from Nationwide for an original amount of £18,500 at 7.4%. How does a loan (in good status) influence any mortgage application?
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Comments
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The impact on outgoings i.e. monthly commitment.
Also may influence an underwriter negatively in high LTV cases.0 -
Take the monthly cost, multiply it by twelve, then again by 4.5.
The result is how much your maximum mortgage will be reduced by having the loan.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.0 -
kingstreet wrote: »Take the monthly cost, multiply it by twelve, then again by 4.5.
The result is how much your maximum mortgage will be reduced by having the loan.
Perfect. That's the kind of thing I was after. Thanks.0 -
kingstreet wrote: »Take the monthly cost, multiply it by twelve, then again by 4.5.
The result is how much your maximum mortgage will be reduced by having the loan.
Sorry to hijack the thread...what if the loan has < 12 months to run, are they generally discarded by lenders?0 -
Varies from lender to lender.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.0
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