Can I Get a Mortgage If I Have a Loan
Best Mortgage Rates
Can I Get a Mortgage If I Have a Loan
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- Halifax
- 4.12% Initial
- 3 year fixed
- 7.3% APRC
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Cashback Max £250Free LegalsFree Valuation
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- Halifax
- 4.12% Initial
- 3 year fixed
- 7.2% APRC
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Cashback Max £250Free LegalsFree Valuation
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- 4.14% Initial
- 5 year fixed
- 5.9% APRC
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Cashback £0Free LegalsFree Valuation
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- 4.15% Initial
- 5 year fixed
- 6% APRC
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Cashback Max £1,250Free LegalsFree Valuation
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- Halifax
- 4.18% Initial
- 5 year fixed
- 6.7% APRC
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Cashback Max £250Free LegalsFree Valuation
- Get quotes
Can I get a mortgage if I have a loan?
Services We Offer for Mortgages
We offer the following special features:
- Whole market service - we work with leading UK lenders
- Access to leading market mortgage rates
- Access to exclusive loan deals not available on the high street
- Fast turnaround - speak to us today if you need to move quickly
- We have lenders who will take into consideration previous defaults and missed payments
We provide professional independent mortgage and protection advice delivered by a team of specialist advisers and experienced administration staff.
The importance of good advice regarding your mortgage cannot be overstated.
Is it possible to get a mortgage if I have a loan?
Existing debt may worry you if getting a mortgage is impossible. However, if you meet the lender's affordability standards, having other loans on your application should not prevent you from securing a home or buy-to-let mortgage.
Lenders offering mortgages must assess in detail whether a mortgage is affordable for a borrower. The maximum amount you could borrow historically is determined by your credit score and a multiple of your income.
Lenders are required to examine your outgoings in more detail. They may ask for estimates on how much you spend on different living costs each month, such as food, heating bills, transportation, entertainment, etc. They will also assess your existing credit obligations, including personal loans, homeowner loans, credit card payments, and hire purchase agreements.
If your existing credit payments are particularly large, they may reduce the size of the mortgage you can secure. They must also consider whether borrowers would be able to maintain their card repayments if interest rates were to increase.
Your student loan repayments from the 'Student Loans Company', the government-backed student loan company, are included in your after-tax salary, so they are not included in your outgoings.
By paying off your personal loan and cancelling unused credit cards, you may be able to improve your eligibility for mortgages and the amount you could borrow if you meet these affordability criteria and do not have severe credit problems in your recent past.
If you meet these criteria and do not have severe credit problems in the recent past, you should not have trouble getting home financing.
It may be beneficial for you to speak with a professional and independent mortgage adviser. As well as providing impartial advice about securing home financing from a Financial Conduct Authority regulated mortgage adviser, an independent broker can offer a whole market service, which means that they can search across the market to find the best finance options for you from a variety of providers using their expert knowledge.
In addition to mortgages available through intermediaries, specialist lenders offer a wide range of mortgages unavailable on the high street. These mortgage options may meet your specific needs.
Independent Advice
If you are not sure about your mortgage options if you have existing debt speak to our independent mortgage broker team who will be able to offer impartial advice or you can call us on 0117 403 3464