Is This The Impossible Dream????

piratess

Me and my partner have been together for 5 years and at the moment are trying to budget and pay off our outstanding debts ... we are currently renting a house at £675.00 a month i am 31 and he is 29 Is is possible that after the debts are clear probably after 6 months that we could then still save for a mortgage???

He works full time and im a stay home mum at the moment ... any advice or help or words of wisdom on the subject would be brilliant ! its been my dream for a long time now but maybe im wanting the impossible ...

thanks Piratess xx

tesuhoha

Yes, try reposting this on the DFW Board and you will get plenty of advice.

david29dpo

cut ALL cards up, thats the best start.

itsakidsworld

If you want to clear all this debt within six month, you will be paying just under £420 a month, which on top of your rent is a lot of outgoing.

If this is achievable for you and it does not put the family finances under strain, I would go for a mortgage after this, but make sure you don't have any bad credit history or you will struggle.

On interest only of 5%, borrowing £150,000 your monthly payments would be £625 which is £50 less than you pay now, so worth looking at.

It depends on what your yearly salary is for you both which will decide how much you can borrow.

If the payments are too much to clear within six months, then pay of the smallest ones which will give you a feel good factor and work out a plan to clear the rest ASAP.

lynzpower

Piratess,

Its not impossible.

But once the debts are paid off with the discusison we were on the other day, bang the same amount of money in the high interest savings account. The more money you have as saving for deposit/ solicitors/ stamp duty etc. the better. But its certainly not impossible!!

piratess

Thanks for your help I am in the process of clearing debts and ok it may take a bit longer than 6months but it will be done .... Im Hopefull that by the time my youngest is in school at 5 (4 more years) i can work full time because in the area i live we definatly wouldnt have enough to buy a home on just my partners earnings

thanks for all your help tho