We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 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!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Deposit saving advice
Comments
-
If this is true of any lender it is not universally true. The only effect my loan had on my mortgage application was to reduce the total amount I could borrow based on the repayment not the amount owed. A £100 per month loan would have reduced my maximum borrowing by 100 * 12 * 3.75 = £4,500. Having £5,000 less in savings would have reduced it by about £45,000 on a 90% mortgage. If the OP is willing to wait then they should take the lowest cost route, if they just want to get on in life then they should reduce the amount the debt costs on a monthly basis and start building a deposit as soon as possible.
Agreed. Not saying its always the case. But if a lender is receiving more applications than it can handle or current policy is to reduce risk on new business. Then this would be a way of quickly filtering out applications.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.9K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.2K Spending & Discounts
- 246.9K Work, Benefits & Business
- 603.5K Mortgages, Homes & Bills
- 178.3K Life & Family
- 261.1K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards