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First time buyer mortgage - help! watch

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    Basically I am looking to buy my first property and have seen a new build property I like.

    The value of the property is £139,500 and when taking into account the deposit I have and the loan I can get from the government under the help to buy equity loan scheme I require a mortgage of 100k.

    I am in full time work earning 25k a year however the stumbling block is that I have a car loan of 4k.

    A lot of people are saying I may as well kiss goodbye to getting a mortgage due to my loan - is this really the case? Is it impossible to get a first time buyer mortgage if you already have a loan?

    In today's climate considering how difficult it is to get on the property ladder I will be gutted of my loan will stop me from getting this place.

    Thanks guys
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    Having a car loan doesn't necessarily mean you can't get a mortgage. A lender wants to know that you can make the mortgage repayments, so if you have enough left at the end of the month even with a car loan that should be ok. You have the benefit of only needing a 75% (approx) mortgage, so the lender knows that if it all goes wrong and the house gets repossessed they will get their money back.
    There are online calculators that allow you to see what your repayments are likely to be.
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    (Original post by Lit teacher)
    Having a car loan doesn't necessarily mean you can't get a mortgage. A lender wants to know that you can make the mortgage repayments, so if you have enough left at the end of the month even with a car loan that should be ok. You have the benefit of only needing a 75% (approx) mortgage, so the lender knows that if it all goes wrong and the house gets repossessed they will get their money back.
    There are online calculators that allow you to see what your repayments are likely to be.
    Perfect thank you so much
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    (Original post by Lit teacher)
    Having a car loan doesn't necessarily mean you can't get a mortgage. A lender wants to know that you can make the mortgage repayments, so if you have enough left at the end of the month even with a car loan that should be ok. You have the benefit of only needing a 75% (approx) mortgage, so the lender knows that if it all goes wrong and the house gets repossessed they will get their money back.
    There are online calculators that allow you to see what your repayments are likely to be.
    Exactly.
    I know nationwide has an online calculator.
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    Main things is how much are your monthly payment and can you afford it? That is what the lender will be interested in. Go for it.
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    (Original post by Bluesky67)
    Basically I am looking to buy my first property and have seen a new build property I like.

    The value of the property is £139,500 and when taking into account the deposit I have and the loan I can get from the government under the help to buy equity loan scheme I require a mortgage of 100k.

    I am in full time work earning 25k a year however the stumbling block is that I have a car loan of 4k.

    A lot of people are saying I may as well kiss goodbye to getting a mortgage due to my loan - is this really the case? Is it impossible to get a first time buyer mortgage if you already have a loan?

    In today's climate considering how difficult it is to get on the property ladder I will be gutted of my loan will stop me from getting this place.

    Thanks guys
    If you are earning around £25k and think a car loan of £4k will impact you then the logical course of action is to simply deal with said loan. At your wage, it will only set you back a few months.
 
 
 
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