We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 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!

Getting a Mortgage while paying loan

Options
Skywalker007_2
Skywalker007_2 Posts: 13 Forumite
in Mortgages & endowments
I have about £5000 worth of loan which i left to pay at the rate of £500. I believe this might affect the amount of money i can borrow from a bank.

If i up the payment to about £1000 meaning i got 5 month left to pay, will be bank be able to overlook this and not penalise me by removing a lot from how much i can borrow from them?

i noticed if i put this loan amount, it reduces how much i can borrow. Do banks reconsider if the loan will be paid off soon?

Comments

  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Try some of the online calculators to assess the impact on your ability to borrow. If you can afford to why not just the pay off the debt. Cheaper to borrow more on the mortgage than pay the interest on the loan.
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 350.8K Banking & Borrowing
  • 253K Reduce Debt & Boost Income
  • 453.5K Spending & Discounts
  • 243.8K Work, Benefits & Business
  • 598.6K Mortgages, Homes & Bills
  • 176.8K Life & Family
  • 257K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.
Update Your Picture