Got an existing loan but will get a mortgage soon

thesteamer

My partner and I both have personal laons, which combined are a total of 15k. However, soon we wish to buy a house (pregnancy permitting) and get a mortgage but I don't think we could barely afford to pay our monthly mortgage payment and separate loan repayments at the same time.

Does anyone know what the best solution would be in order to not repay as much per month and also in the long term?

Any advice would be much appreciated. Cheers.

Fairdo_2

Have to answer this one generically and put the caveat that you must ensure that the repayments will be affordable.

Some lenders would allow you (subject to credit score and affordability) to lend more than the value of your property (up to 130%) and allow these loans to be consolidated within this mortgage. Obviously, this could cost more over the long term as you could theoretically pay this over 30 years instead of 5 years, for example, but it would make the monthly repayments more affordable.

Northern Rock, Coventry Building Society and Mortgage Express have such products.