95% Mortgage plus 25K Loan???

vrteng

Hi all,

First post so please be gentle!

I am going to be as open and honest as I can, and I do need some help.

I am 28, live at home (yes i know) earn good money £34k/yr and have loans of £25K, this is due to two reasons, ex girlfriend did me over for £15k and £10k on a pilots course for me, I just had to do it!

So now I want to move out, here are my monthy out-goings;

£550 Loans
£200 Rent
£50 Phone
£350 Car Running Costs, lond drive to work

So I still have £1k/month after going out and clothes and things like that its down to half that.

So, what do i do?

NorthernRock is offering a together mortgage, which is a 95% mortgage with a loan, on the same terms as the mortgage, of upto £30k.

Some how I need to borrow the cost of a house + the monies to pay off my loans!

Any Ideas?

Thanks

Nick

yonk

You're still quite young...do you want a mortgage? I would get rid of the expensive debt first, save for a deposit and sue the ex-girlfriend.

If you institute a strict money saving routine, you should be able to save loads and it will put you on a much firmer footing when you get your house. Buying a house leaves you strapped for cash as it's much more than the cost of the house, you need to have furniture and there are lots of one-off costs like stamp duty.

I know this isn't what you wanted to hear but if you run up a lot of debt and something bad happens, then you get more help if you are renting. If you buy a house and something bad happens, you get very little help. So you do need to have a plan if there is a "rainy day". Mortgaged up to your eyeballs will mean you are always running to stay still as the money you earn will evaporate into your debts.