My gross annual income is €49,000, and my net annual income is €29,431.
My net monthly income is €2453. I have two outstanding loans, for a car and education. €10k is the combined balance on these. The total repayment amounts to €462 per month. My rent is €675 per month. This is a total of €1,137 per month, or 46% of my net monthly income. I have not missed any of these payments. I have no credit card debt, or overdrawn account.
Will the bank deem me capable of repaying a mortgage of €1,137 per month, or of just €675 per month?
A second question then arises, would it be more advantageous to pay these two loans off before applying for a mortgage, or will they just roll them into the mortgage debt? Thanks.
My net monthly income is €2453. I have two outstanding loans, for a car and education. €10k is the combined balance on these. The total repayment amounts to €462 per month. My rent is €675 per month. This is a total of €1,137 per month, or 46% of my net monthly income. I have not missed any of these payments. I have no credit card debt, or overdrawn account.
Will the bank deem me capable of repaying a mortgage of €1,137 per month, or of just €675 per month?
A second question then arises, would it be more advantageous to pay these two loans off before applying for a mortgage, or will they just roll them into the mortgage debt? Thanks.