Getting on the property ladder

lardythehoop

we do unfortunately have a loan repayment of £275 per month. so i dont think we would be able to get a mortgage. but does anyone know anything about part buy / part rent. also their was mention in the budget about some kind of scheme to help first time buyers does anyone know more about this.

Wickedkitten

towseriv wrote:

Not wanting to sound disheartening but we have just bought a house and the interest re-payments alone are £500 a month.

Our repayment payments are less than that

towseriv

Depneds on the loan amount though

lapat

love to know what your mortgage was to pay it off in three years with the oneaccount

lardythehoop

does anybody know where i can find out about part rent part buy schemes?

lynzpower

Its called shared ownership. Housing Corp is a good place to start.

Can I ask? Why do you need a three bed house? Would something more modest and slightly smaller make tihs more achievable. Im in shared ownership, and personally speaking, I wouldnt do it again.

Lynz
x

meanmachine_2

lardythehoop wrote:

we do unfortunately have a loan repayment of £275 per month. so i dont think we would be able to get a mortgage. but does anyone know anything about part buy / part rent. also their was mention in the budget about some kind of scheme to help first time buyers does anyone know more about this.

I'd avoid shared ownership like the plague.

Try A&L or Nationwide affordability calculators. There's no reason why you can't get a reasonable mortgages even with a loan to pay off.

Without the loan you can get 147K from A&L.

With this debt it's 117K, or something. So pay it off, or move it to a 0% credit card before applying.

Either that, or seek out a smaller property. 30K wage in Wales is well above thr average.

lynzpower

My lender minused my debt then multiplied it by 3.5 and wouldnt lend me that amount towards my property. (Abbey)
I intend to be fully debt free before I move next time to avoid this.