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Will having a loan affect us being able to move house?
Moretti1985
Posts: 1 Newbie
in Loans
Hi new here so sorry if this has been posted before. Basically I want to take out a loan of £5000 over 3 years which I have worked out I can afford the repayments comfortably. However we are looking to move house next year and was wondering whether this loan would affect our ability to? Thanks in advance
0
Comments
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Are you renting or looking to buy a house?
If you are renting there is nothing stopping you as you aren't looking for any more credit.
Mortgage will depend on how much deposit you have / how much you are looking to borrow and the value of the property you are looking for as if you have a high LTV (90-95%) and additional loans on top you may struggle to find a lender as they will worry about affordability if interest rates increase.
Best option would be to talk to a broker who could find the best deal for you in your situation if you decide to take out the loan.0
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