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Loan affordability
Hi, looking for advice. We are moving house next month and want to take out a loan for some work that needs doing to the house.
I have a better credit rating than my husband but I earn less. I also have a loan already which I just wanted to increase. The thing is that our new mortgage is more than half of my take home pay. The loan repayments would be about a quarter of my take home pay. Now the mortgage is joint with my husband as are all of our other expenses. Is this likely to be a 'no'? I have never so much as missed a payment on anything in my life so not worried at all about my credit rating.
Thanks
I have a better credit rating than my husband but I earn less. I also have a loan already which I just wanted to increase. The thing is that our new mortgage is more than half of my take home pay. The loan repayments would be about a quarter of my take home pay. Now the mortgage is joint with my husband as are all of our other expenses. Is this likely to be a 'no'? I have never so much as missed a payment on anything in my life so not worried at all about my credit rating.
Thanks
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Comments
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It's advised to leave any loan applications until you move.0
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Yeah we will do of course.0
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Forgot to say it's good your not worried about your rating as lenders don't see it. Maybe try a joint loan.0
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I also know that, I purposely didn't say score. What I meant was I have a perfect credit record.0
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