95% newbuy mortgage

Ganga

Forget all the i am right/you are wrong and answer the following question honestly_ would you advise your son/daughter to take on the morgage in the post if they were in the same financial situation as the original poster

The_J

I'd need much more information but on what has been said so far, yes I would. £1600 disposable income suggests to me capacity to extend themselves.

squeeks

Ganga wrote: »

Forget all the i am right/you are wrong and answer the following question honestly_ would you advise your son/daughter to take on the morgage in the post if they were in the same financial situation as the original poster

Personally my advise would be no, pay down silly extortionate debts first.

But using slightly stronger wording.

The problem is, kids always think they know better, and if they can do something stupid, they usually will do it until the've learn't for themselves.

brit1234

Ganga wrote: »

Forget all the i am right/you are wrong and answer the following question honestly_ would you advise your son/daughter to take on the mortgage in the post if they were in the same financial situation as the original poster

I wouldn't. I would get them to pay off the debts and save a deposit. With house prices falling it is better that the landlord takes the equity hit rather than your children.

Its far better to get on a good finical base and then buy than an indebted one. Also the higher the deposit the cheaper the mortgage payments.

Ganga

I will say straight away i am no financial expert ( having been in the financial brown stuff ourselves) but how on earth can someone find the extra money to pay for a larger morgage and fees if they are overdrawn and cannot pay off three loans ( 2 financial agreements and a loan with AA) and £17,000 c/c debt?

The_J

Ganga wrote: »

I will say straight away i am no financial expert ( having been in the financial brown stuff ourselves) but how on earth can someone find the extra money to pay for a larger morgage and fees if they are overdrawn and cannot pay off three loans ( 2 financial agreements and a loan with AA) and £17,000 c/c debt?

You are either no financial expert or cannot read. They are paying off the loans and credit cards. There is no suggestion of missed payments? Indeed they have £1600 a month left over according to them. I don't know what colour that is, purple?

You aren't suggesting they should have the actual physical money to repay those loans and cards in their entirety are you? Because that would be ridiculous :rotfl:

As someone who has been in the financial brown stuff, I'm sure they will take your advice with the seriousness it deserves.

danpen1306

Wow!!! Didn't realise I'd stir up this kind of debate.

What the majority of people are saying is correct. Our 17k cc debt has gone on flash holidays, nice things such as tvs, cinema systems etc. our wedding was paid saved and paid for.

We have been irresponsible with our cc debts but only because we had the mindset that if we wanted something we wouldn't wait, we'd just go out and buy it. Now we have a baby, we want better things in life, things that actually matter such as a nice house in a nice area with nice neighbours and nice walks nearby.

This isn't a bad thing is it. My car will be sold next week and I'm paying off the finance agreements which total 1k , my overdraft and maybe 3-4k on my credit card.

If we do get this mortgage/house then holidays and materialistic things will stop for a while. I it'd want advice on my lifestyle but just an opinion on whether I look the right candidate for a 95% mortgage. Looks like this is a "no" and I thank people or their comments,, some more than others.

We are still going to seek mortgage advice next week do keep you all updated

squeeks

Talking of credit cards, just saw this on the side of the screen:

http://www.moneysavingexpert.com/cards/minimum-repayments-credit-card#calc

It might be interesting to the OP.

The_J

danpen1306 wrote: »

Wow!!! Didn't realise I'd stir up this kind of debate.

What the majority of people are saying is correct. Our 17k cc debt has gone on flash holidays, nice things such as tvs, cinema systems etc. our wedding was paid saved and paid for.

We have been irresponsible with our cc debts but only because we had the mindset that if we wanted something we wouldn't wait, we'd just go out and buy it. Now we have a baby, we want better things in life, things that actually matter such as a nice house in a nice area with nice neighbours and nice walks nearby.

This isn't a bad thing is it. My car will be sold next week and I'm paying off the finance agreements which total 1k , my overdraft and maybe 3-4k on my credit card.

If we do get this mortgage/house then holidays and materialistic things will stop for a while. I it'd want advice on my lifestyle but just an opinion on whether I look the right candidate for a 95% mortgage. Looks like this is a "no" and I thank people or their comments,, some more than others.

We are still going to seek mortgage advice next week do keep you all updated

Sounds good. I think you're an idiot for wanting the latest crap and getting it on credit but at least you know you're not entitled to it.

It should be possible to get a mortgage with what you are planning, get your fire extinguisher out because you are about to get a roasting.

squeeks

danpen1306 wrote: »

... Now we have a baby, we want better things in life, things that actually matter such as a nice house in a nice area with nice neighbours and nice walks nearby.

...

We are still going to seek mortgage advice next week do keep you all updated

We all want better things in life.

Good luck with the mortgage advisor, if you can, see more than one.