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Mortgage/debt advice please!
Lou83_2
Posts: 4 Newbie
Hi all,
Just after some general advice and personal opinions please.... :-)
Myself and my bf are currently looking at buying a house. We have between us £30k of debt - of which we are repaying £1200 - £1500 per month to get this cleared as soon as! We both have good credit histories and our joint income is £55,000. The house we are looking at buying is £200k, a new build with deposit paid. The house wont be ready for 10 months or so so will have this time to put as much money as possible to clearing debt.
Would be greatful for opinions as to whether you think this situation would work.... :-)
Just after some general advice and personal opinions please.... :-)
Myself and my bf are currently looking at buying a house. We have between us £30k of debt - of which we are repaying £1200 - £1500 per month to get this cleared as soon as! We both have good credit histories and our joint income is £55,000. The house we are looking at buying is £200k, a new build with deposit paid. The house wont be ready for 10 months or so so will have this time to put as much money as possible to clearing debt.
Would be greatful for opinions as to whether you think this situation would work.... :-)
0
Comments
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:rotfl: :rotfl: :rotfl: :rotfl: :rotfl: :rotfl: :rotfl:
Sounds Familiar
http://forums.moneysavingexpert.com/showthread.html?t=3696700 -
Ah but they have better incomes.
Depends how much you think you can clear each month? Have you tried getting a mortgage agreed in principle??? This would tell you whether anyone would look at you with that amount of debt.
Post your SOA and we can have a look.
Catt xx0 -
Thanks guys :-)
Think another difference is that we have good credit ratings. We did have a mortgage in principle but it was based on the condition we get rid of one of the loans - £12k. The rest is CCs and the mortgage lenders seem ok with this. After reading messages on this site we rang the CC co's and got interest rates down to 5.9% LOB and 3.9% LOB.
I guess one of my main questions is affordibality per month - not got much of an idea how much bills etc will be! The mortgage quote we had was £1,000 per month and we're paying this at the moment on debts to reduce them but also to get use to paying that much towards a mortgage!
Sorry Catt whats SOA?0 -
http://forums.moneysavingexpert.com/showthread.html?t=107280
SOA explanation
£1000 is just the mortgage payments though? Then you have council tax, gas, elec, water, etc etc on top!
Have a look at other posts to see SOA and see what they pay!
Catt xx0
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