Mortgages

[themalster]

Is it possible to get a mortgage if I have two loans (well one myself and half with my wife?)

I know the mortgage company will see that I have one and a half loans but if I'm ok paying the payments and paying my current mortgage, would they refuse on that basis?

[ummmm]

It all depends how much you want to borrow. If you have adequate income to cover it all it shouldn't be too much of a problem.

[cathfromsaron]

no, not on one basis alone!

they will take a full history and credit check, plus a list of your outgoings and commitments! then ask you how much you have for a deposit! if they think they can get the repayments back, they will screw you for fees and lend you money!

[themalster]

Thanks guys.

[boxtops]

I'd disagree with that, cath - my bank's got a deal on at the moment for mortgages for existing customers, no fees at all. You can always ask to combine your existing loans with the mortgage, it's often cheaper that way.

If you can afford the repayments, the credit rating of a borrower improves if they can see that you are paying back your existing loan in a responsible way - that side of it is in your favour, not against.

[cathfromsaron]

sorry, was bitter!

i just think they need us more than we need them!

and yes, a good regular record of existing loans stands you in good stead!

[davidbrt]

Yes you can get a mortgage so long as the annualised payments on the loans when deducted from your income and then applied to the lenders affordabilty calculator/income multiples say you can. This assumes you pass credit score. A loan will reduce how much they will offer you but in many cases if they have less than a year to run they ignore them.

[PeterRadcliffe]

it depend on your income. if you can have enough income can carry two mortgage payments at once. if they still meet the debt-to-income ratios required by their lenders. then, you might be able to qualify for two mortgages at once, if your credit score and job status are also strong.