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first time buyer in need of help!!
w0z85
Posts: 1 Newbie
im looking into buying our 1st property with my partner. we have 2 children and i work full time and my partner works part time.
we have been renting for the last 3 years legitamately off my parents and they want me to take over the mortgage from them asap. the mortgage is 88000.
our gross annual income is 30000, the only problem is we both owe money on credit cards. nearly 2000 each and are both stuck in our overdrafts. is there any chance of us getting a mortgage and if so for how much?
i am 25 and my partner is 22.
we have been renting for the last 3 years legitamately off my parents and they want me to take over the mortgage from them asap. the mortgage is 88000.
our gross annual income is 30000, the only problem is we both owe money on credit cards. nearly 2000 each and are both stuck in our overdrafts. is there any chance of us getting a mortgage and if so for how much?
i am 25 and my partner is 22.
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Comments
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Clear the cards, save a deposit of no less than £9k, save £2k for costs to buy, then you'll start to be able to get a mortgage.0
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You won't get a mortgage until you have a deposit AND have cleared your debts. Complete one of these budget planners then pop over to the Debt-free Wannabe board and post there for comments:
http://www.makesenseofcards.com/soacalc.htmlDeclutterbug-in-progress.⭐️⭐️⭐️ ⭐️⭐️0 -
If OP is taking over his/her parents' mortgage won't any equity in the house count in lieu of a deposit? If they have been renting from the parents for three years, I would assume that there is some equity in the house. OP, if you don't already know, you need to find out how much.0
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In theory the equity will count, but these days, the lack of a deposit is taken as a fair indicator of the ability to manage money.If OP is taking over his/her parents' mortgage won't any equity in the house count in lieu of a deposit? If they have been renting from the parents for three years, I would assume that there is some equity in the house. OP, if you don't already know, you need to find out how much.Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0
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