Need property advice!

e60london

Hi all,

I am desperate to get onthe ladder. I live with parents in London and wok for the nhs as clinical staff.

I'm on 25k gross and pay back student loans as well as 7k left on a car loan. Also got 2k on a cc but no overdraft.

How the heck am I gonna get on. Shared ownership seems like a clever way to con someone into buying a 1 bed for 200k even then they'll only get 25%.

I'm a ft buyer and key worker. Surely there's help. Can anyone pls give me a plan of action as my parents can help towards a deposit though not too much.

I'm hoping a mortgage company can roll together my cc and bank loan.

Any advice?

sharkie

I suspect you have too much going out and not enough coming in.

you need to overpay/pay off the cc and car - highest interest one first.

be very careful when rolling together payments, as you will often pay less per month, but the length of time is much longer and has the effect of you paying a total of much more.

you can get 2 bed flats for around £150000 in zone 5 and they are also not in high crime areas, or above all night kebab shops.

Once you have settled the cc and car, save, save, save for a deposit.

Once you have a deposit, buy a place and rent it out. Over-pay the mortgage with that deposit money you are no longer putting aside. This in a few years should make the repayments much smaller, plus you salary will have gone up too.

Unknowing of your circumstances, I feel your biggest mistake was the £7000+ car. London has great transport, and there is also Street Car for infrequent drivers. Should you really need wheels, you should have bought second hand, and cheap. It may be in you interest to sell the car asap, but you have to do the figures (include insurance and servicing etc) and read the contract for early settlement clause.

The other easier, legal way is to marry rich!

I knew 7 years ago of a ward clerk earning £31000. He was a clerk during the day. On evenings and weekends either was on a&e reception or working in medical records filing notes. All this paid for two houses.

poppysarah

Clear the debts. Save. Hopefully house prices will be slightly more sane by the time you've done that.

neverdespairgirl

Forget it, for the moment. If, living with your parents, you've still run up £9k in debt (plus, of course, the loans still to repay) how could you afford to run a house / flat?