Combining debt with a new mortgage

sparkle84

Re SOA just post it here in a list showing what you have coming in and going out and the experts here will have a looking and advise you

Chortle_2

billyg123 wrote:

Which lender was it?

in*the*red isn't saying its a good thing - and you shouldn't do it!!! Doesn't matter who the lender is if it is the worst idea ever for your finances!

Post an SoA - we'll help you get out of debt, and then you'll be able to buy a house - prices are coming down at the moment, and aren't set to stop for a good while yet, so waiting while you pay off your debt should mean you get a cheaper house & mortgage anyway!

Believe me, I've been there - getting a hefty mortgage if you've got little or no deposit is a nightmare anyway in terms of paying it off (lenders will normally only lend you a certain proportion of your salary for a reason - it is what is affordable!) but doing it when you've already got £30k of debt? Forget it. You'll end up in even more trouble, and face repossession!

billyg123

sparkle84 wrote:

Re SOA just post it here in a list showing what you have coming in and going out and the experts here will have a looking and advise you

I will do a thorough assessment and get it posted by tomorrow morning as I have to head off shortly, but many thanks to yourself and the others who have given some valuable tips. Its refreshing to know there are people out there who are willing to give up their valuable time to advise others.

I certainly feel a lot better about things and can see some light at the end of the tunnel :j

billyg123

Chortle wrote:

in*the*red isn't saying its a good thing - and you shouldn't do it!!! Doesn't matter who the lender is if it is the worst idea ever for your finances!

Post an SoA - we'll help you get out of debt, and then you'll be able to buy a house - prices are coming down at the moment, and aren't set to stop for a good while yet, so waiting while you pay off your debt should mean you get a cheaper house & mortgage anyway!

Believe me, I've been there - getting a hefty mortgage if you've got little or no deposit is a nightmare anyway in terms of paying it off (lenders will normally only lend you a certain proportion of your salary for a reason - it is what is affordable!) but doing it when you've already got £30k of debt? Forget it. You'll end up in even more trouble, and face repossession!

I certainly wont be doing that now that I have heard the pros and cons. I will post the SOA by the morning and look forward to the valuable advice others are offering to reduce the debt first. Many thanks

in*the*red_6

It's northern rock but please remember IMHO it is a really bad idea to buy a house like this - it's put them into even further debt (probably over 40k now) and now it seems they are spending part of the loan on house renovations and not clearing some of their other debt! I think when they come down to earth they are really going to struggle and could end up losing the house as I just can't see how they keep up with all the payments.

billyg123

in*the*red wrote:

It's northern rock but please remember IMHO it is a really bad idea to buy a house like this - it's put them into even further debt (probably over 40k now) and now it seems they are spending part of the loan on house renovations and not clearing some of their other debt! I think when they come down to earth they are really going to struggle.

Fully understood. Many thanks to all of you. Unfortunately Im going to have to go now but look forward to speaking very soon. All the best to everyone :j