First time buyers (Advice Please)

Sam84

Hi all,

My girlfriend and I are desperate to buy our first place together after being together for seven years!

We have seen a flat with an asking price of £119,000, which we like.

I am on £27,000 a year, and she is on £17,000 a year...all good so far, but...

I have debts of approx. £24,000 (loans and credit cards) and she has debts of £11,000 (loan and credit card). Now we both have really good credit history, having never missed a payment etc. But I am worried about the amount of debt.

The other problem we have is no deposit. We could get solicitors fees etc., but no deposit.

DOes anyone have any advice on our best route forward?

Thanks in advance.

Mr_helpful

I think you could get there. I would go gor it. Consult a fees free independent broker

herbiesjp

Sam84 wrote:

Hi all,

My girlfriend and I are desperate to buy our first place together after being together for seven years!

We have seen a flat with an asking price of £119,000, which we like.

I am on £27,000 a year, and she is on £17,000 a year...all good so far, but...

I have debts of approx. £24,000 (loans and credit cards) and she has debts of £11,000 (loan and credit card). Now we both have really good credit history, having never missed a payment etc. But I am worried about the amount of debt.

The other problem we have is no deposit. We could get solicitors fees etc., but no deposit.

DOes anyone have any advice on our best route forward?

Thanks in advance.

You could possibly get the mortgage agreed for you.

However you are right to be worried about the amount of debt you currently have and the fact you want to increase this debt further.

YOu would really need to draw up an accurate budget planner for this and be totally realsitic with the figures that you put down. Once you have done that, you will be able to see what monthly dispoable income you have left. Out of that disposable income you would need to decide what kind of figure you would be happy going out to cover monthly mortgage payments. With that knowledge you can then see a fee free whole of market adviser to let them do some research to see if they can find something to fit what you are looking for.

Expect to be questioned about affordability, as you would need to convince a good adviser that you are not just getting your self into debt without being able to mange that debt properly, not just now but in the future as well if rates were to increase further.

HTH

toonfish

dear me, how desperate are you?

Mr_helpful

Nice one toonfish It is interesting to note they have a non compliant Initial Deception Document online. The only areas with non ticked boxes are the bits about fees and there is no pure fees option which is a requirement to be independent under the FSA's MCOB rules.

toonfish

also advertising for advisers when the ones they already have evidently don't have enough work to keep them going. Also very dodgy with JCB seeming to be directing every mortgage query to National Guarantee