Hi guys
I am in the early stages of mortgage application, meaning I reached out to a broker online that I found after doing research and came recommended, (Doddl) if anyone has heard of them?
So basically, after submitting all of my stuff one of the brokers came back to me and told me that due to an outstanding loan that I have it obviously reduces the amount that I could borrow.
She advised me that if I was to clear the loan by taking it out of my deposit that I have saved, and that it would result in a possible extra 40k that I could borrow.
I owe 8.5k on the loan and have 30k saved. The loan is a variable rate loan, so obviously some months I am paying a lot more. I pay 305 euros back a month on the loan.
The broker also told me that they will want to see 6 more months of solid saving as I started a new job 4 months ago.
I know all of this may sound like a no brainer but if I was to take the 8.5k out of my deposit and clear the loan, in six months time then I would be able to save that amount anyway which would bring me back up to the 30k that I now have.
Again it might sound fairly simple as to pay off the loan and save more for the next 6 months and when I am made permanent in my job, but just looking for any advice or words of wisdom, or even something that I may be missing? I am also open to any suggestions for other good and reliable brokers out there too.
Just as a side note I'm 41 and it will be a single application. So obviously time is not on my side in some ways either.
Thanks in advance.
I am in the early stages of mortgage application, meaning I reached out to a broker online that I found after doing research and came recommended, (Doddl) if anyone has heard of them?
So basically, after submitting all of my stuff one of the brokers came back to me and told me that due to an outstanding loan that I have it obviously reduces the amount that I could borrow.
She advised me that if I was to clear the loan by taking it out of my deposit that I have saved, and that it would result in a possible extra 40k that I could borrow.
I owe 8.5k on the loan and have 30k saved. The loan is a variable rate loan, so obviously some months I am paying a lot more. I pay 305 euros back a month on the loan.
The broker also told me that they will want to see 6 more months of solid saving as I started a new job 4 months ago.
I know all of this may sound like a no brainer but if I was to take the 8.5k out of my deposit and clear the loan, in six months time then I would be able to save that amount anyway which would bring me back up to the 30k that I now have.
Again it might sound fairly simple as to pay off the loan and save more for the next 6 months and when I am made permanent in my job, but just looking for any advice or words of wisdom, or even something that I may be missing? I am also open to any suggestions for other good and reliable brokers out there too.
Just as a side note I'm 41 and it will be a single application. So obviously time is not on my side in some ways either.
Thanks in advance.