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combined mortgage/loan

lozzyone
lozzyone Posts: 3 Newbie
in Mortgages & endowments
Hi, i have been searching the internet for a mortgage. I require £105,000 for a house i have seen, but i need to pay off £18,000. I have looked on several sites but had no luck, although my credit rating is excellent. I need to get back on the property ladder after splitting with my wife 5 years ago and owning a house for 10 years i have ended up with nothing. Any ideas. THANK YOU.

Comments

  • herbiesjp
    herbiesjp Posts: 8,499 Forumite
    What is the £18k you need to pay off?

    Is the £105k the purchase price? Do you have a deposit?

    Can you give a little more information?
    I am a Mortgage Adviser
    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.
  • MortgageMamma
    MortgageMamma Posts: 6,686 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    where this is possible or not depends on a few factors

    1, your earnings
    2 the amount of current debts you have which you will not be paying off with the mortgage
    3 your employment status and your ability to prove income
    4 your credit rating
    5 the property construction type

    Without this information there's not really a lot of guidance I can give you
    I am a Mortgage Adviser

    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.
  • lozzyone
    lozzyone Posts: 3 Newbie
    herbiesjp wrote: »
    What is the £18k you need to pay off?

    Is the £105k the purchase price? Do you have a deposit?

    Can you give a little more information?
    Hi and thanks, the £18k is to pay off a bankloan with t.s.b. £105,k is the purchase price and i dont have a deposit.
  • herbiesjp
    herbiesjp Posts: 8,499 Forumite
    Reducing your other commitments will mean increasing your affordability as far as income multiples/affordability calculators are concerned.

    YOu will be looking at borrowing over 100% of the property (117%) and as such the number of lenders will be limited, but what you are looking at may well be possible.

    What is your income? Do you have a good credit history? Do you have any other debts aprt from the £18k loan?
    I am a Mortgage Adviser
    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.
  • lozzyone
    lozzyone Posts: 3 Newbie
    herbiesjp wrote: »
    Reducing your other commitments will mean increasing your affordability as far as income multiples/affordability calculators are concerned.

    YOu will be looking at borrowing over 100% of the property (117%) and as such the number of lenders will be limited, but what you are looking at may well be possible.

    What is your income? Do you have a good credit history? Do you have any other debts aprt from the £18k loan?
    £21,500k. a good credit history. owe £1k credit card & overdrawn £1k at tsb
  • herbiesjp
    herbiesjp Posts: 8,499 Forumite
    You may struggle to get that high based on your income - I would suggest discussing this in more detail with a whole of market adviser to see if you can get this scenario to work for you, if indeed it is the best option for you
    I am a Mortgage Adviser
    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.
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