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Halifax Application- existing borrowings
mat1964
Posts: 207 Forumite
it seems like I might have to do an unexpected mortgage application. My GF and I are both selling our houses and getting a new build. However, it seems my GF's sale may fall through, so I am considering getting a mortgage to cover while she tries to resell (otherwise we will lose the purchase). Whilst my credit record is reasonable good - no defaults etc, I do have 4 personal loans totalling £30k. Would it help settling these before applying both in terms of credit record and affordability? The loan will be around 4x salary. Also, if I need an answer PDQ, is it better to use a broker - or just get an appointment at my local branch.
(Completion would not be until 1/9 so there would be time for my GF to re-sell, but if not I realise we would have an early repayment charge).
(Completion would not be until 1/9 so there would be time for my GF to re-sell, but if not I realise we would have an early repayment charge).
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@mat1964 How much of an impact the debt will have depends on the numbers. Whether settling some/all of it help your application or hinder it (lower deposit) again depends on the numbers. If answers are required pdq, imho a whole of market broker would be by far the better option rather than depending on one bank.
I am a Mortgage Adviser - 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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Buying joint? It has to be a joint mortgage mat1964.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.0
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good point, in this case the property would just be in my name.kingstreet said:Buying joint? It has to be a joint mortgage mat1964.0
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