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Is our situation realistic?!
Papatinkle
Posts: 1 Newbie
Hi There,
We’re a bit green as far as all this is concerned and would very much appreciate anyone’s thoughts or advice on our situation.
We are resident house parents at a boarding school, currently saving £1000 per month to make a £33,000 (we currently have £30,000 saved but wish to retain £10,000 for moving costs etc and any work required on a property) deposit on a £220,000 house (£187,000 mortgage), the idea being to obtain an 85% mortgage.
Our annual salaries when we move out of boarding would be; me, £42,900 and my wife’s, £37,600. We have a joint mortgage already on a summer cottage which is £860 p/m and our debts are currently £3000 on a loan (wedding) and my wife has around £5000 on her credit card.
We think that if we can get a mortgage that will cost around £1000 p/m that would give us about £7/800 p/m disposable (assuming £800 p/m for bills etc).
Would we be better clearing our debts first or continuing to save towards the deposit? Our bank(s) have provisionally approved but we would appreciate any views of how likely we would be to get a mortgage with, say HSBC who seem to have good rates but are harder to get approval with.
Many thanks,
Adam.
We’re a bit green as far as all this is concerned and would very much appreciate anyone’s thoughts or advice on our situation.
We are resident house parents at a boarding school, currently saving £1000 per month to make a £33,000 (we currently have £30,000 saved but wish to retain £10,000 for moving costs etc and any work required on a property) deposit on a £220,000 house (£187,000 mortgage), the idea being to obtain an 85% mortgage.
Our annual salaries when we move out of boarding would be; me, £42,900 and my wife’s, £37,600. We have a joint mortgage already on a summer cottage which is £860 p/m and our debts are currently £3000 on a loan (wedding) and my wife has around £5000 on her credit card.
We think that if we can get a mortgage that will cost around £1000 p/m that would give us about £7/800 p/m disposable (assuming £800 p/m for bills etc).
Would we be better clearing our debts first or continuing to save towards the deposit? Our bank(s) have provisionally approved but we would appreciate any views of how likely we would be to get a mortgage with, say HSBC who seem to have good rates but are harder to get approval with.
Many thanks,
Adam.
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