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Pay off a loan or increase savings?

Treepole · 2016-02-22 15:42:38

I will potentially be looking at applying for a mortgage in the later half of this year. I have a 3 outstanding relatively small loans at the moment, I have money left at the end of each of month (after paying both the loans and putting away savings). When it comes be looked upon favourably for a mortgage would it make…

22-02-2016 4:42pm

#1

Treepole

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Join Date: February 2015

Posts: 481

I will potentially be looking at applying for a mortgage in the later half of this year.

I have a 3 outstanding relatively small loans at the moment, I have money left at the end of each of month (after paying both the loans and putting away savings). When it comes be looked upon favourably for a mortgage would it make more sense to work hard to clear one of my existing loans, or would I better off to put the extra money into my savings?

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#2 23-02-2016 11:04am

Trish56

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It's a no brainer to pay off the loans if not they will affect big time the amount you can borrow for a mortgage.

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