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
Mortgage Acceptance
leetrials
Posts: 8 Forumite
Hi, i'm looking into a mortgage on a house we've seen and like. i've been accepted in prinicple around a year ago for a mortgage of 63,500 while i had a bank loan.
I've recently taken out a new loan to pay off the old leaving me with £2500 extra but only £20 per month and 6 months extra.
I have no other debt and as far as i know a clean credit history.
My question is; out of opinions here would my new loan affect the chances of a mortgage application now?
As i had a 2 month payment break on the new loan which is starting this month.
Any help appriciated
Thanks.
I've recently taken out a new loan to pay off the old leaving me with £2500 extra but only £20 per month and 6 months extra.
I have no other debt and as far as i know a clean credit history.
My question is; out of opinions here would my new loan affect the chances of a mortgage application now?
As i had a 2 month payment break on the new loan which is starting this month.
Any help appriciated
Thanks.
0
Comments
-
No way we can predict, with any degree of accuracy.
The new level of payment will see your maximum borrowing fall, but no-one can see if your overall application goes from a pass to a fail because you have taken out new credit.
It would depend on all the other application data.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
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