Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie

Getting a mortgage with a car loan

Options
  • 13-05-2009 1:24pm
    #1
    Giggy
    Closed Accounts Posts: 80 ✭✭


    Hello,

    Quick question, can you get a mortgage when you have a car loan. Car loan is 10k over 4 years and I have 3 years left. Boyfriend is in the same boat and we want to buy together. Parents are going to help me out with a deposit.


Comments

  • Options
    #2
    ferga_com
    Closed Accounts Posts: 159 ✭✭ferga_com


    You can get a mortgage when you have other loans but they will affect the size of mortgage you get. The repayments already going out will be taken into account when the lender decides how much they think you can afford.

    A thought occurs - wouldn't you be better off doing your best to pay off your loans and then saving up a deposit, or is there a rush to buy now for some reason?


  • Options
    #3
    Giggy
    Closed Accounts Posts: 80 ✭✭Giggy


    No there's no rush to buy a house, well I'm almost 30 and still living at home so that's getting a bit cramped. But that thought has crossed my mind, to pay off my loan as best I can for the next year and then maybe house prices will have fallen even more. If I've waited this long I suppose it won't kill me to wait another year.


  • Options
    #4
    Toots
    Administrators, Business & Finance Moderators, Society & Culture Moderators Posts: 16,919 Admin ✭✭✭✭✭Toots


    I'm with ferga_com on this one, you'd be better off bringing the balance of your loan down as much as you can, then applying for the mortgage.


Advertisement