Advice Needed Please!!!!!!!!!

[1sttimer]

Hi there, me any my partner are looking at getting our 1st place and we are a little confused with what the usual process is.

We have around 12-15K debt between us.

Is it possible to get a mortgage and a secured loan at the same time? to clear the other debt into an affordable payment.

Any advice is much appreciated.

Thanks

[Ronny]

Hi there,

What level of deposit do you have plus what sort of property prices are you looking at?

[The Mortgage Hut]

The answer is no really, you can take the debt from your deposit, but you can not borrow further to consolidate.

You may still be able to get a mortgage, it would simply depend on both your incomes.

I would suggest a call to a local adviser to get further guidence.

Regards,

Chris

[New Homes Expert]

Most lenders are having ever tighter criteria and are making money
by rejecting mortgage applications and pocketting the fees involved.

[Dan S]

Getting secured loans at the same time as a mortgage is a little of a 'chicken and egg' scenario. If you're confused about the whole process take a look at the Where To Start section of our site. It should help explain a few things.

[ComareTheMortgageMarket]

You could leave the debt as it is for the time being as lenders allow you to keep it as long as you fit the affordability calculations. The effect that the debt would be (roughly) if credit cards, 3% of the balance as a monthly commitment - £450 * 12 = 5400 as an annual commitment, which would be deducted from your gross annual wages.

you could also consolidate it into 1 loan perhaps too, but you would not be able to add it to the mortgage as also stated above.

[Dan S]

That's good advice from Compare.