FTB - back of a fag packet calculations please :)

moff_2

Hi all,

My girlfriend and I currently rent a house and are looking to buy a house together.

I'm looking for any pointers as things are a bit complicated with our money. I'm not sure if we ought to be going to see an IFA rather than try to guess & figure things out ourselves.

Here's the numbers:
Me: £47k salary, £10k savings cash, ~£10k savings share funds, no debt
Her: £30k salary, no savings, £25k debt.

Her dad (who's unaware of her debt level) has offered to loan us a deposit, £40k was mentioned.

We've got her debt under control, in that we're living off my salary and her's is going entirely on clearing her debt. She's not got missed payments etc on her credit record, she always met minimum repayments.

I know the obvious maths is to put my savings into clearing her debt, but at the moment she doesn't want me to do that.

any rough guidelines on what we can expect? rough budget? are the banks going to tell us to get lost given the debt? etc? I know nothing about how morgages work, would really appreciate any help here.

many thanks!

moff.

beecher

I think you have to tell the dad about the debt - it is unfair to have him loan you money when he isn't aware of the whole picture. You could pay off the £25k, and put the £15k together with your 15k (leaving 5k for fees etc) to give a 20k deposit. You'd then be looking at houses up to 200k maybe with a 10% deposit though the deals won't be great.

Better option might be to wait a year by which time the debt should be mostly dealt with, and you can get a better deal with a higher deposit.

Robert_Sterling_3

I have removed a post that caused offence.

moff_2

beecher, thanks for the info.

Robert_Sterling, how wonderful the world must look from your oh so high and mighty view point. I came on here for help with the numbers & morgage basics - I can do the ethics for myself thank you very much

houseauto175

With that type of cash your earning getting a place should be no problem!
My wife and I got a 2 bed house earning less than 30k combined, and with debts. The banks want your money, so won't risk turning you away if you've got a decent credit rating. If you can get a 40K loan too you'll have no worries.
Of course saying that I have no idea how big the place is your looking at getting! Best bet is pop down to your bank and have a chat. They'll give you a rough idea of the mortgage costs