Lend a hand mortgage , strange situation

neverdespairgirl

The best way to increase your wealth is to work extra hours, and / or get extra qualifications.

I am definitely risk adverse. But I'm not Miss Poverty, either.

iAMaLONDONER

thewinkshow wrote: »

Hello,

Can anyone advise if they think the following is feesable or doable ?

Single male , age 26 . Salary 17,200. 1175 per month income

Debt of 17k on 3 life of the balance cards at 5.9% - cost me £150 per month to service these debts. Happy to leave them long term as the debt on them is money I have used to invest in shares .
Shares are currently worth 28k
Now I am looking at a house what is priced at 50k , my parents have offered to do the tsb lend a hand mortgage and out 20% down in a savings account for me, I have the other 5% deposit needed .
Mortgage would be 250 PCM and I'm single so council tax is 25% discount band A. How much would you out aside for bills per month?
Am o likely to get accepted for a mortgage given the high debt level ? Could my parents act as guarantor to get the mortgage approved ?
As you can see I am happy to keep the debt long term in the hope my shares continue to go up, but will sell them if needed .
Are there any other types of guarantor mortgages I could use with my parents help? Any advice much appreciated . First time buyer

It's true your debt is almost 100% of your total income!

I hope it's at 0%!

iAMaLONDONER

thewinkshow wrote: »

Emm
Thanks for the advice but I won't be selling the shares .
Not all the credit card debt is what I've invested in shares , as I have also bought a car - so it's not 17k of debt invested in shares as such . Done quite well so far .
Thought banks were now moving to affordability , if so 250 a month mortgage is quite easy compared to 450 month rent , but of course the computer may see the debt and auto decline .
I know what I an doing is risky and I wouldn't have it any other way , quite happy paying minimums abs keeping the shares, if I can also get a cheap house then great, if not I will wait .
Indeed it's rather like wanting my cake and eating it , and I agree this is the case and im not ashamed to admit what I want or that yes I am greedy, people don't seem to be ashamed to be in poverty and happily plod Along saying brain dead generic things there mates say like money doesn't matter - well I believe it does , and the shares represent my chance at having a better shot that the next guy so I won't give them up. I know this may come across wrong, but I genuinely think it's not abnormal to want to be the best you can be in every area in your life including wealth , some (usually poor) people seem to frown upon mebtioning the notion as if they are in some way a nasty person . Not sure why society has conditioned people to think like this , what a prosperous country we would be if society was instead conditioned with the belief that wealth was in fact good and should be strived for so you have the resources to enjoy the great pleasures life has, sorry for sidetracking guys but in short as you can see, this is why i am keeping the shares - I may lose the lot , but I can say i tried , which is more than mr play it safe poverty can ever say. Worth the risk IMO .
Anyway got meeting sat so will keep you updated

Well said

Tbh this sounds like something Margaret Thatcher would say

Kynthia

This thread is 2 years old!

bsms1147

I saw the bump and was expecting an update.

I was disappointed.

Angelicdevil

bsms1147 wrote: »

I saw the bump and was expecting an update.

I was disappointed.

He's probably bankrupt after poo-pooing the excellent suggestions from other posters.