Buying house off mother, advice needed

iceman28

Hi,
I was wondering if anyone can give me some advice..... I currently rent my mothers house with my girlfriend for £600 per month. Mother has approached us and asked if we want to buy it from her, house is valued at £150,000 and will sell to us for £110,000. Now girlfriend cannot obtain a mortgage as she already had an house with an ex, and due to him refusing to move out and him moving small children in meant girlfriend had no option but to default! So I would be looking at going alone.... I earn £28600 on my main job but also have a registered business of my own which has earned approx £4000 this last year. I do however have debts of £28,000 and not much in savings - any suggestions?

Would there be any way round given the equity in the property I'm buying?

Cheers

herbiesjp

WIthout the £28k debt this could be straight forward

However with that debt it it going to be difficult, if not impossible based on your sole income.

Having a word with a whole of market adviser will help you see what the cost implications would be to you and also if it is affordable for you to even consider.