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Applying for remortgage with additional borrowing

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kankan75
kankan75 Posts: 4 Newbie
in Mortgages & endowments
Hi, I'm looking to apply for a mortgage with £10k additional borrowing to pay off a personal loan. (I will be losing £350 a month from my wages soon so can't afford the £410 repayment). What I need to know is, should I enter the £410 loan payment on my application to the mortgage provider as I will be paying this off as soon as I get the mortgage ok'd .... Thanks for your help.

Comments

  • anfieldred
    anfieldred Posts: 267 Forumite
    Wait for someone more knowledgeable to clarify, but, if its for consolidation you'll have to say what debts you have and what you're going to pay off and they should take that into account.
  • kingstreet
    kingstreet Posts: 39,256 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    You always enter any current or recently-repaid credit commitments and if doing so, tick the "to be repaid on or before completion" box.

    Be careful, a few lenders will "tax" your mortgage affordability even if the loan is to be repaid.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
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