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Mortgage newbie
Adamvilla
Posts: 1 Newbie
Hi me and the wife are looking to buy our council house but before we start just need a little help. We currently have a loan for around £10k which we had when we got married and just wandered on a mortgage if we could borrow this extra and pay it off so we only have the 1 bill. Is this at all possible? We are new to this and just wanted to get an idea
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Comments
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Absolutely not with any lender..I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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.0 -
Actually forbidden by the Housing Act (under which RTB occurs) - and, as Dave says - no lender will look at it.
In practice - at the point of the RTB mortgage completion (where you do not put in a deposit - if you cash you are better off paying the loan that putting savings into deposit) you have no equity at all to borrow against.Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0
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