Need to be debt free, baby on way + 1st time buyer

fairmorn308

evening

Well 1st of all myself has debts of around 14k and my OH has debts of around 15k which we both want to clear ASAP. Also got the news last week we are having a baby. Wasnt planned but we are both over the moon as we talked about it and both wanted to clear debts before having a baby. My OH has a 7 yr old child to another guy so we are only living in a 2 bedroom house at the moment which we still can get away with until around august next yr but when the new baby gets older will need a room for herself.

OH parents have the mortgage on the house we are living in but said OH will be getting around 20k once it gets sold to help with a deposit etc on another house.

Myself wages £42k yr
OH wages £16k yr
Tax Credits £4,4k yr
maintance £7,2k yr
Child benifits £888 yr

We are able to put aside around £1,200 a month which can go towards debts but whats the best way to go about it tho?

Also whats the most value of a house could we expect to go for when going to try for a mortgage aswell?

thank you in advance for any help

savingholmes

fairmorn308 wrote: »

evening

Well 1st of all myself has debts of around 14k and my OH has debts of around 15k which we both want to clear ASAP. Also got the news last week we are having a baby. Wasnt planned but we are both over the moon as we talked about it and both wanted to clear debts before having a baby. My OH has a 7 yr old child to another guy so we are only living in a 2 bedroom house at the moment which we still can get away with until around august next yr but when the new baby gets older will need a room for herself.

OH parents have the mortgage on the house we are living in but said OH will be getting around 20k once it gets sold to help with a deposit etc on another house.

Myself wages £42k yr
OH wages £16k yr
Tax Credits £4,4k yr
maintance £7,2k yr
Child benifits £888 yr

We are able to put aside around £1,200 a month which can go towards debts but whats the best way to go about it tho?

Also whats the most value of a house could we expect to go for when going to try for a mortgage aswell?

thank you in advance for any help

Are you really saying your wages are £42K per year - as your tax credits seem quite generous if that's the case?

Also you need to consider posting a statement of affairs - I think you find it on make sense of cards so that people can give you advice on where to try and save money....

LilacPixie

i thought tax credits stopped when your joint inome hit 57 ish k. how on on earth are you managing to get 4.4k ??

we have a joint of less than 30 k and 2 kids yet we only get £20 a week.

fairmorn308

Well i havent offically moved in yet thats not until xmas tho but i spend most of my time in the OH house as i work away alot neway but it will be reviewed once i move in tho.

Will post the SOA 2mo once lok out all paperwork.