Mortgage approval with personal debt

[Bac12bhoy]

I was wondering if i had 20k personal debt but pay monthly instalments over next 4yrs, would i more than likely be declined a morgage as currently i am able to pay rent of 1.1k, loan repayment, save 700/mth and have meet all bills and have a deposit of 15k.

 

[Bac12bhoy]

239 view and not one reply not even a "in yer dreams" or "too little detail"!

 

[TTI]

How much of a mortgage would you be hunting for and what would the monthly repayment amount look like? If the repayment is well within your disposable income then I don't think the loan in itself will affect your prospects.

 

[Bac12bhoy]

Cheers, looking for about 156k over 15yrs, working iut at about 1.2k/mth

 

[Bronte]

What interest rate is on our loan? Is it for a car? What is your income and are you in a steady job, is it just you, are you planning on buying a house or
apartment.

156 + 15 = 171 X 10% = 17K

So you don't have even a 10 5 deposit yet, never mind legal and other costs? Why are you picking 15 years?

 

[Palerider]

Check with a mortgage broker, the criteria does change, typically you will need up to 20% of your own funds from an unborrowed source, is your employment stable, are there good promotion prospects and thereby reasonably could you expect any pay rises over these years, your question is rather vague.