We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Advice needed - will loan impact mortgage application
Peaches113
Posts: 33 Forumite
Reposted from Loans forum - Have a tendency to over explain so going to try and keep this simple. I’m looking into commuting costs (£800 a month or £8k for a year, yes it’s extortionate). Previous employers have paid this but new one is increasing salary to accommodate. I don’t really want to move to a new area with lower costs so currently that isn’t an option.
I don’t currently have £8k free to front the cost but I have found a pre approved zopa loan at 3.3% apr that I could repay over 12 months making the monthly cost £700, and so lower than the monthly train fair charge.
My only worry is that I will be looking to purchase a property in the next 5 -6 months, how much of an impact would this have on a mortgage application? It would mean the proposed monthly mortgage and loan payment would take 50% of my monthly salary which I have budgeted for. i am single with no children and I have no other debt (I do have a horse who also costs me about £350 a month :eek: ) so what do you think? Will getting a loan scupper my chances of a mortgage?
Option b would be to pay the train fair monthly until I get said mortgage and then get the loan so I can take advantage of the £100 a month saving, however obviously this will mean spending an extra £600 over those 6 months.
Thanks for reading and appreciate any advice!
I don’t currently have £8k free to front the cost but I have found a pre approved zopa loan at 3.3% apr that I could repay over 12 months making the monthly cost £700, and so lower than the monthly train fair charge.
My only worry is that I will be looking to purchase a property in the next 5 -6 months, how much of an impact would this have on a mortgage application? It would mean the proposed monthly mortgage and loan payment would take 50% of my monthly salary which I have budgeted for. i am single with no children and I have no other debt (I do have a horse who also costs me about £350 a month :eek: ) so what do you think? Will getting a loan scupper my chances of a mortgage?
Option b would be to pay the train fair monthly until I get said mortgage and then get the loan so I can take advantage of the £100 a month saving, however obviously this will mean spending an extra £600 over those 6 months.
Thanks for reading and appreciate any advice!
MFW 2020 #139 £781/ £3000
0
Comments
-
Pay the train fare as needed till you get a mortgage.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.6K Banking & Borrowing
- 254.2K Reduce Debt & Boost Income
- 455.1K Spending & Discounts
- 246.7K Work, Benefits & Business
- 603.1K Mortgages, Homes & Bills
- 178.1K Life & Family
- 260.7K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards