Quick mortgage question!

[rockrats]

Hello all,

 

I am looking to buy a new motorbike within the next few months, over 3 years finance.

 

During the next 2 years (when job transfer comes through) we will be relocating to Plymouth, and taking the first step on the property ladder (Discharged bankruptee Nov 08.)

 

My question is as follows:

 

When a mortgage advisor type person says we can have '£x' amount mortgage, is the bike finance took off the 'total' beforehand? Or does car/bike finance have nothing to do with a mortgage/wages equation?

 

Hope that makes sense?

 

I would hate to go ahead with the finance, then find out we are not allowed as much mortgage because of finance....

 

Thankyou in advance

[Nightmare4banks]

Rockrats,in reply to your post:

 

All of vour outgoings are taken into consideration before agreeing an amount to lend you.

 

I hope this helps.

[ZillaK]

What kind of bike are you planning on buying?

 

Zilla

[rockrats]

What kind of bike are you planning on buying?

 

Zilla

 

I have a Ducati 996, want to part ex it for a Ducati 1198 :grin:

[ZillaK]

cool... screw the mortgage dude/dudette

[rockrats]

I know, live for the now and all that. Could be a while before transfer and subsequently mortgage anyway.....!!

 

God this is so hard?????!!! Never been in this position before

[Nightmare4banks]

Rockrats,in reply to your last post:

 

1.It is not that difficult - take your income less outgoings = this figure is what will be used to work out how much you can borrow.

 

2.Of course,this amount could also vary depending on lender,market conditions at the time of applying for the mortgage and your credit rating too.

 

3.Also,do not forget your need for a deposit,legal fees and valuation fee.

 

4.Sometimes either/both the legal fees and valuation fee can be free.

 

I hope this helps.

 

If you have any more questions,just ask.

 

Cheers,

 

 

Nightmare4banks

[rockrats]

Nightmare4banks,

 

many thanks for your replies, they are much appreciated.