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!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide

Am I destined to rent for ages?

AngryDog
AngryDog Posts: 445 Forumite
in Mortgages & endowments
I have bad debts that I'm paying off (slowly).

I'm renting at the moment but I'd love to be able to buy again one day.

I guess I will have to get the bad debts out of the way first?

Thanks
As at End of June 2014
Credit Cards - HSBC - £9422
Loans - NRAM £7500 & £12848

Comments

  • ACG
    ACG Posts: 24,940 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    Yes you will, and save up a deposit on top of that.

    Is it not possible to move back in with the parents or get a flat mate atleast then you can pay them off quicker?
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, 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.
  • AngryDog
    AngryDog Posts: 445 Forumite
    ACG wrote: »
    Yes you will, and save up a deposit on top of that.

    Is it not possible to move back in with the parents or get a flat mate atleast then you can pay them off quicker?

    Sadly I can't move back in, not enough space.

    My current house isn't big enough to sublet the second room, it's basically a box room.

    I am saving money up in the hope that my creditors will accept offers so I can start saving a deposit

    Thanks
    As at End of June 2014
    Credit Cards - HSBC - £9422
    Loans - NRAM £7500 & £12848
  • Katpin
    Katpin Posts: 59 Forumite
    Have you thought about the opposite and renting in a shared house to lower the cost?
    2014
    No Debts except Mortgage :beer:
    Mortgage Term End Feb 2043 :mad:
    Savings Goal £11,000/£50,000:T
  • Radiantsoul
    Radiantsoul Posts: 2,096 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Unless you have a massive income or guarantor yeah.

    Have you considered seeking help from a debt advise charity?
  • AngryDog
    AngryDog Posts: 445 Forumite
    My income isn't massive, but it's good for where I live.

    A guarantor isn't a problem. I cant do a house share, I have a dog and too much stuff.

    I'll just have to continue renting until I can afford a house properly
    As at End of June 2014
    Credit Cards - HSBC - £9422
    Loans - NRAM £7500 & £12848
  • CBR600F_2
    CBR600F_2 Posts: 107 Forumite
    What's the dog's name?
  • grey_gym_sock
    grey_gym_sock Posts: 4,508 Forumite
    how much does the dog earn?
  • opinions4u
    opinions4u Posts: 19,411 Forumite
    The simple answer to your question is yes.
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 354.3K Banking & Borrowing
  • 254.4K Reduce Debt & Boost Income
  • 455.4K Spending & Discounts
  • 247.2K Work, Benefits & Business
  • 603.9K Mortgages, Homes & Bills
  • 178.4K Life & Family
  • 261.4K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.7K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.
Update Your Picture