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Increasing loan affect mortgage application?
Rackelle
Posts: 2 Newbie
Recently applied for a mortgage and got the mortgage in principle based on our circumstances then. The house purchase fell through so we didn't end up taking the mortgage and have continued looking.
We've seen a house that requires work and so are wondering if we got a new loan that paid off our current loan and left us with some extra to use for the house but reduced the monthly payment we currently have would that affect our mortgage application? It would mean we had a higher amount of debt but lower monthly outgoings.
We don't want to do anything to jeopardise the mortgage application.
TIA
We've seen a house that requires work and so are wondering if we got a new loan that paid off our current loan and left us with some extra to use for the house but reduced the monthly payment we currently have would that affect our mortgage application? It would mean we had a higher amount of debt but lower monthly outgoings.
We don't want to do anything to jeopardise the mortgage application.
TIA
0
Comments
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Circumstances permitting it is an option. Don't underestimate the cost of the works to be carried out though.0
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