Hello,
I am in a process of buying a house with a friend of mine (joint mortgage). However, I am currently in debt of around 15000. The mortgage will be a 95% one with 5% deposit which we have saved up (around 6k). Because I am paying around ?320 for the loans, I wish to reduce this amount to around 150-200ukp per month to leave me money for mortgage/savings/living expenses.
I was just wondering how many companies out there would be prepared to give me a 20k loan over a period of 25 years considering my equity in the house would be only 5% (or 6k)? This loan will be used to cover my existing debt and also contribute towards the moving house costs/furniture/home improvements.
We already have a mortgage agreed in principle and after credit searches we have been told that both our credit ratings are "good". I am in a steady full time employment on 19k a year, with no defaults/CCJs etc...
Hope someone can advise.
Thanks in advance