Advice Needed on Premature House Buying

silvercar

Please, please check that this is what you really want to do rather than take the easy option. I understand that buying the house saves having to move, but is this the house you want to own? Will it suit you 5 years from now? Can you afford to pay a mortgage, loan and maintain the property?

silvercar

Legal options for saving a deposit:

1. shove all your expenditure onto credit cards and save up your salary for the deposit.
2. Change all payments from one-offs to monthlies, so next months car insurance becomes a 12 month equal instalments etc, same for council tax, utilities, other insurances etc.
3. Stop spending and cut back non essentials; reduce Sky, mobiles etc
4. consider selling your stuff on ebay, anything valuable? Pawn your jewellery
5. Ask for cash xmas presents not gifts
6. downgrade your grocery shopping

Gonzo33

I used to work as a mortgage underwriter/adviser. If I got your application in and Credit Searched you and your OH to find you had been Credit Searched recently for a loan for the exact amount of the deposit I would be wary. Stacked up with all the other debt that you have and I suspect that I would decline your application.

If you and your oh earn enough to warrant an AIP of 240k then you earn enough to be able to cut back and pay off your debts. If I were you I would find somewhere else to rent and make repaying your debts a priority.

As an aside I would also see another mortgage adviser because the one you have seen is giving you poor advice.

Loopgames

I have the opinion that doing something in haste means I'm not ready to do it.

I think you will find that if you wait it out things will be less stressful much easier for you if you waited a few months or, as you planned, a year.

If there are two options in life - always try to take the easy road..well that's what I try to do.