We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
I want to buy a house, but can I?!!
Tayus
Posts: 313 Forumite
This is my current situation...
owe 60k on a house that I let for 400pm (house is worth about 70k max)
owe 5k on an overdraft
owe 5k on a credit card
owe 5k on a car loan
Have an apartment that I let for 425pm (worth approx 85k - no mortgage)
my income from employment is approx 31k per year.
I want to buy a house that is currently on the market for 210k, is this acheivable? if so how? thoughts please.... :j
owe 60k on a house that I let for 400pm (house is worth about 70k max)
owe 5k on an overdraft
owe 5k on a credit card
owe 5k on a car loan
Have an apartment that I let for 425pm (worth approx 85k - no mortgage)
my income from employment is approx 31k per year.
I want to buy a house that is currently on the market for 210k, is this acheivable? if so how? thoughts please.... :j
Aoccdrnig to a rscheearch at an Elingsh uinervtisy, it deosn't mttaer in waht oredr the ltteers in a wrod are, the olny iprmoetnt tihng is taht frist and lsat ltteer is at the rghit pclae. The rset can be a toatl mses and you can sitll raed it wouthit porbelm. Tihs is bcuseae we do not raed ervey lteter by it slef but the wrod as a wlohe.
0
Comments
-
Yes it is possible, but mega, mega tight..
Suggest you see a broker, although it would be helpful if you could put another applicant for property or if get income elsewhere or bonus etc.
Would suggest (from information provided) that you raise money on property 2, to use as a deposit on property 3..
Hope this makes sense...I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it.This signature is here as I follow MSE's Mortgage Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Ok, a thanks for the reply... i bit of further info.... my girlfriend earns 21k, has debts of approx 10k... how much difference do you think this would make?Aoccdrnig to a rscheearch at an Elingsh uinervtisy, it deosn't mttaer in waht oredr the ltteers in a wrod are, the olny iprmoetnt tihng is taht frist and lsat ltteer is at the rghit pclae. The rset can be a toatl mses and you can sitll raed it wouthit porbelm. Tihs is bcuseae we do not raed ervey lteter by it slef but the wrod as a wlohe.0
-
Depends how the debt is structured ie credit card, loan, student loan or overdraft although that may actually make all the difference...I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it.This signature is here as I follow MSE's Mortgage Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
just checked with her and i may have over exagerated slightly about 7k on a car loan and 900 on a credit cardAoccdrnig to a rscheearch at an Elingsh uinervtisy, it deosn't mttaer in waht oredr the ltteers in a wrod are, the olny iprmoetnt tihng is taht frist and lsat ltteer is at the rghit pclae. The rset can be a toatl mses and you can sitll raed it wouthit porbelm. Tihs is bcuseae we do not raed ervey lteter by it slef but the wrod as a wlohe.0
-
Then I think it is achievable, although will need a broker as typically you will need to use two different lenders for buy to let and residential.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it.This signature is here as I follow MSE's Mortgage Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
A £5K overdraft?!! - any lender would consider you to be lving beyond your means."You were only supposed to blow the bl**dy doors off!!"0
-
Another option might be to sell the flat.
It is worth 85k so if you sold it now in an ideal world you would get 85k now.
If your renting it at £425 it will take you another 16.6 years to earn the next 85k (minus fees,bills).
Putting down an 85k deposit would reduce the your new mortgage by quite a bit.
Depends if the £425 a month income on the flat is better or worse than a 85k (minus some fees) deposit.
EDIT - Just seen Dave suggested this above. Sorry Dave. :-)Mortgage: [STRIKE]Jan 11 - £91830 [/STRIKE][STRIKE] Jan 12 - £89'199[/STRIKE] May 14 - £69'999 Car Loan: [STRIKE]Jan 11 - £3658 [/STRIKE] July 12 - £0! Credit Card: [STRIKE] Jan 11 - £3300 Jan 12 - £2250 [/STRIKE] Oct 13 - £0
MFiT-T3:#43 (Half Mortgage) April 13 - £10719/£42875 (25.00%)0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.4K Banking & Borrowing
- 253.7K Reduce Debt & Boost Income
- 454.4K Spending & Discounts
- 245.5K Work, Benefits & Business
- 601.3K Mortgages, Homes & Bills
- 177.6K Life & Family
- 259.3K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards