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e60london
e60london Posts: 71 Forumite
in House buying, renting & selling
Hi guys,

please me find out how to get on the ladder.

I work for the nhs-25k.
7.5k loan 3k credit card, currently living with parents.

I am interested on getting on the ladder but want to know the best way about it. I am thinking about a shared ownership key worker scheme but wonder if my credentials add up.

Housingotions werent too helpful.

Anyone?

Comments

  • anotherginger
    anotherginger Posts: 395 Forumite
    First Anniversary Combo Breaker
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    i think most people on here will say to get rid of your debts and save up for a deposit!
  • CloudCuckooLand
    CloudCuckooLand Posts: 1,905 Forumite
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    Even if you get onto an assisted scheme, there will still be some fees and costs involved.

    If you have zero deposit, you would have to borrow those fees, which will further damage the likelihood of a deal at all, or make it expensive.

    Better to clear debts and save a deposit.
    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.
  • Fire_Fox
    Fire_Fox Posts: 26,026 Forumite
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    Most lenders will not touch you with your existing debt, you basically have a negative deposit!!
    Declutterbug-in-progress.⭐️⭐️⭐️ ⭐️⭐️
  • tanith
    tanith Posts: 8,091 Forumite
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    A young relative of mine (newly qualified teacher) went into shared-ownership and found that with a deposit and fees he needed ten thousand pounds. I would do what others have advised, get rid of your debt and save, if you can't manage to do that while living (subsidised) with your folks, you'll never do it...
    #6 of the SKI-ers Club :j

    "All that is necessary for evil to triumph is for good men to do nothing" Edmund Burke
  • TrickyDicky
    TrickyDicky Posts: 666 Forumite
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    No offence and sorry to be blunt - but how did you rack up £10k of debt whilst living with your parents? Usually, people stay with their parents to save money, not spend more.

    Any assessor is only going to be human, and wonder the same things!
  • charliee_3
    charliee_3 Posts: 803 Forumite
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    well you could always apply, you may be able to use one of the key worker schemes. contact the local HA and see what their criteria are. if they accept you they keep you on the books for a year and you then they start sending you possible properties. you dont need a deposit usually, but you will need to be able to get a mortgage for your percentage plus you have to have a couple of thousand for fees, etc

    the debts you have may well count against you mortgage-wise as it doesnt scream "financially responsible" and when they calculate what they will lend you they take your income, subtract your debt, then use this figure to create the multiple (times 4ish?) so your income for mortgage purposes is only £15k..

    then you have the argument as to whether part-ownership is worse than non-ownership... but that is debated in many threads on here...
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