First time buyer.. Needs Help and advice

tiffani_2

I am currently living in rent 3 bedroom house, my parents are the owners, but i am also in £20k worth of debt, myself and my husband are wanting to move to a house of our own, and also start a family... do u think it is a good time to be looking in to trying to get a mortgage, also do u think that people will even consider us for a mortgage, due to our debts???
My father is having to take redundency in feb and i thought he could either sell this house or rent it out and get more a month than we have been paying (£450), as he is 58yrs old and possibly going to struggle to get another job, but is to young for retirement... Hope some one can help meXXX

feisty1

Don't u receive newspapers or watch television where you live?

wymondham

You need to concentrate on getting rid of your debt before thinking about buying. Once that's gone, then you need to save for a hefty deposit.....

Marg

No one can advise you without more detail and I've made some huge assumptions. Also I am sure what I'm about to say isn't what you want to hear but here goes.......

I don't think YOU should be considering a mortgage with that level of debt never mind anyone considering you.

Think very carefully about how are you going to be able to afford
a) pay a mortgage
b) moving costs
c) to support a child & that's just for starters!

If you are already dealing with your debt and can afford it pay your Dad more rent to help him. If you aren't dealing with your debt look on other boards for details of how to reduce it so that when the economic situation improves you are in a stronger position.

Your Dad will probably need your rent payments to live on but may not be able to sell the house so help him by being a good tenant.