We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Advice on our first course of action?
filmnoir
Posts: 150 Forumite
Me and my partner have decided to take the leap and look towards getting our first place.
However there are a feww issues I know are going to give us problems securing a morgage:
My details are:
Current Salary £26500 Per Annum
Current Debt £16965 (Made up one loan A&L, 3xCC at pretty much max £1900, £1000 & £500)
Credit Experian Report 999 Excellent No missed payements etc.
No savings
My Girlfiend £9000 Per Annum
Current Debts £10000 (Student Loan 0% Intrest this year as negative %)
No Savings
Credit report not checked but presumed to be very good.
At the moment we have no deposit, however we would be interested in First Time Buyers through the Government scheme, also there is a possibilty of parental securities either in a form of deposit, guarantor or joint.
As my debt is the key issue along wth no deposit, what would be our best actions and options?
However there are a feww issues I know are going to give us problems securing a morgage:
My details are:
Current Salary £26500 Per Annum
Current Debt £16965 (Made up one loan A&L, 3xCC at pretty much max £1900, £1000 & £500)
Credit Experian Report 999 Excellent No missed payements etc.
No savings
My Girlfiend £9000 Per Annum
Current Debts £10000 (Student Loan 0% Intrest this year as negative %)
No Savings
Credit report not checked but presumed to be very good.
At the moment we have no deposit, however we would be interested in First Time Buyers through the Government scheme, also there is a possibilty of parental securities either in a form of deposit, guarantor or joint.
As my debt is the key issue along wth no deposit, what would be our best actions and options?
"Self trained industry expert who has worked in Electricty Distribution, Electricity & Gas Supply and currently works as an independent consultant in industry processes to particapants in the industry" :eek:
0
Comments
-
I think you'll still need 5% deposit for the Govt schemes.
10% for ordinary open market.
If you raise a deposit, Lenders will look at your debts and consider that you have effectively taken on the debt to fund your deposit.
So, clear the debts.
(participants)Act in haste, repent at leisure.
dunstonh wrote:Its a serious financial transaction and one of the biggest things you will ever buy. So, stop treating it like buying an ipod.0 -
How much spare money do you have every month?
How much do you pay in rent?
Why do you have so much debt?0 -
getmore4less wrote: »How much spare money do you have every month?
How much do you pay in rent?
Why do you have so much debt?
Thats depedants on how much I pay towards my debts at the moment I have approx £300 spare cash after loan and credit card payments approx £800 Im paying each month in debts.Rent is nothing for mself, my partner is paying approx £50 a week. (Both living with parents)
Debt wise I was very silly when I was younger."Self trained industry expert who has worked in Electricty Distribution, Electricity & Gas Supply and currently works as an independent consultant in industry processes to particapants in the industry" :eek:0 -
Thats depedants on how much I pay towards my debts at the moment I have approx £300 spare cash after loan and credit card payments approx £800 Im paying each month in debts.Rent is nothing for mself, my partner is paying approx £50 a week. (Both living with parents)
Debt wise I was very silly when I was younger.
I don't think you can afford a place while you are in so much debt.
You are currently living rent(bill?) free, owning a place costs a lot on top of the mortgage.
Hit the debt and think again later.0 -
With £27k in debt, why do you want to now take on yet more debt?0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.5K Banking & Borrowing
- 253.7K Reduce Debt & Boost Income
- 454.5K Spending & Discounts
- 245.5K Work, Benefits & Business
- 601.4K Mortgages, Homes & Bills
- 177.6K Life & Family
- 259.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards