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Loans and mortgages
PaulaB77
Posts: 5 Forumite
Hi, I'm a FTB and wondering in what respect phaving a personal loan will impact upon getting a mortgage.
My partner took out a £8K loan 2 years ago, it is now £5K, we pay around £160 off the loan each month.
Would it be best to pay off the full balance before thinking about mortgages? Can you get a mortgage with an outstanding loan?
We have around £12K in savings, earn around £50K together and looking for houses around the £130K mark.
Thanks in advance.
My partner took out a £8K loan 2 years ago, it is now £5K, we pay around £160 off the loan each month.
Would it be best to pay off the full balance before thinking about mortgages? Can you get a mortgage with an outstanding loan?
We have around £12K in savings, earn around £50K together and looking for houses around the £130K mark.
Thanks in advance.
0
Comments
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All lenders do credit checks and will find your partner has an outstanding loan.
They will consider this monthly cost along with all your regular outgoings.
IE gym membership, and any other regular payments0 -
Based on your numbers I doubt they will care about your loan. 4.5x income is well over what you are looking at borrowing so plenty headroom0
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