Cheer Me up, i have just been slated!!

iceicebaby

Hiya Beetlebug

just read through the other post and what they said was spot on really, except ot could have been said in a kinder way!

You really need to concentrate on reducing the debt you have before takinh on anymore.

lxpeanut

What you need to look at is if buying a house would decrease your monthly outgoings. Remember to factor in insurance, bills, maintenance costs, fees ect. If it works out that buying would be cheeper go ahead but you are not going to get a good deal on your morgage while you have alot of outstanding debt.

I don't think there are mortgages that would alow you to consolidate your debt on top of buying a house. You would be borrowing more than the house is worth. If you had a property with equity in it you could remortgage but this is not advisable as you are changing unsecured debt into secured debt.

I can understand why you want to buy instead of rent but unfortunatly you aren't currently in a position to do that.

steve700

Storm wrote:

I've just read the other thread through, and there appeared to be one (new) poster who was rude, and the others just offered their opinion.

My view precisely - Someone has been so concerned at your idea that they may even have registered, just to get their point across.

I'd be too scared to even consider your idea.

Good luck however you go about things though :cool:

amazon_spice

lfc-news wrote:

They're not telling you off - just giving you some, albeit hard to take, harsh advice.

It's not a good idea at all to add £100,000 to your debt at this stage.

Second that.

Skint_Catt

steve700 wrote:

I'd be too scared to even consider your idea.

Yup, thats the one!:eek:

Seaxwyn

Beetlebug, as someone who is struggling with mortgage and other debts I would very strongly advise you to abandon the idea of taking on a mortgage now.

Paying a mortgage is not like renting, you have to pay insurance and all sorts of other things. It feels like a millstone round your neck.

We earn more than you and even so we are going under with multiplying debts. Please do read all the advice you've received carefully before going any further.

Beetlebug1983

My situation is quite complicated though.

2 Year ago i lost my father due to a long battle with cancer, and i was living with both my parents. My mum is unaware of me & my partners debts therefore that makes it a whole lost complicated. There is no way i could tell her, there isn't even any point going there! Anyway, she moved out of the house last year with her new partner and me and S are currently renting off her, so its not as if we are spending a fortune on rent. She has been good to us. She is looking to sell the house in the next few months, so we are going to be in a rut. It's not as if she would see us on the street, but i can see it being a problem trying to explain why we cant afford to buy a house or rent other accommodation. But, once the house has been sold, she is giving me & my sister a lump sum.

steve700

Beetlebug1983 wrote:

It's not as if she would see us on the street, but i can see it being a problem trying to explain why we cant afford to buy a house or rent other accommodation. But, once the house has been sold, she is giving me & my sister a lump sum.

This may sound harsh (though compared to some of the posts.....) but it will be FAR EASIER to explain why you can't buy the house than it will be to survive if you do buy it........

lxpeanut

Would the lump sum be enough to considerer offering a full and final settlement to your creditors. If it is this might be the way to go. You could clear your debt.

Beetlebug1983

this is what i was thinking, but then we wouldnt have a deposit for a hosue anyway. I know it would be easier as we would be debt free..