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Hi all,
First time posting here but have found it very informative in the past so i hope you can offer some advice here!
Heres my situation,I earn 40,000 salary (recently reduced from 45,000)+annual bonus of circa 2500,my girlfriend earns 32,000 basic+comission.
I work as an Engineer in the Construction industry and although times are tough in that Industry,I am pretty confident of my job security as I have a decent position with a large stable company that have some high profile contracts.
My GF works in Sales and again is reasonably secure.
We are renting at 950per month.
I have an existing personal loan of 7K and I currently pay 600per/month repayment.My Gf has 1800 remaining on her loan.
My main query is should I be concentrating on paying extra into the loan (can afford prob another 300per month)and getting it paid off sooner or when it comes to getting mortgage approval to have some savings record? Obviously we need min 8% deposit also and we would be able to source that as a loan from our family.
As i understand it its not possible to get a mortgage approval if we have any existing loans?
Ideally we would target applying for a mortgage in 12months time.
Anyway i know thats a bit long winded but I would be greatful of any advice!
First time posting here but have found it very informative in the past so i hope you can offer some advice here!
Heres my situation,I earn 40,000 salary (recently reduced from 45,000)+annual bonus of circa 2500,my girlfriend earns 32,000 basic+comission.
I work as an Engineer in the Construction industry and although times are tough in that Industry,I am pretty confident of my job security as I have a decent position with a large stable company that have some high profile contracts.
My GF works in Sales and again is reasonably secure.
We are renting at 950per month.
I have an existing personal loan of 7K and I currently pay 600per/month repayment.My Gf has 1800 remaining on her loan.
My main query is should I be concentrating on paying extra into the loan (can afford prob another 300per month)and getting it paid off sooner or when it comes to getting mortgage approval to have some savings record? Obviously we need min 8% deposit also and we would be able to source that as a loan from our family.
As i understand it its not possible to get a mortgage approval if we have any existing loans?
Ideally we would target applying for a mortgage in 12months time.
Anyway i know thats a bit long winded but I would be greatful of any advice!