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Loan for a deposit on house?
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Also, I was under the impression that existing debts were taken into account when calculating what you can borrow for mortgage purposes - wouldn't you have to declare this anyway, thus reducing the amount you can borrow?......
I understand that however I don't think it will be too much of a problem as we expect we could get about £170K for a mortgage and we only want £125K as we would like a life still!
Also, currently we have no loans and this would only amount to £200 a month max. Many people I know have gone for 100% mortgages with over 10K of debt! Also we have no children and won't be haivng any (2 guys so not likely!!) so surely that puts us in a better position then many people?
These are all good points that I will take into account. Anyway, I will be keeping an eye on prices over the next 5 months so who knows?
Cheers! :beer:0
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