Achievable or not?

Nins12345

Good news accepted an offer on our house of 98500 today :beer: mortgage stands at 67230 agent fees inc vat is 1182 and waiting on sols to get back to us but estimating around 2k for sale and purchase, looking at house at 125k to buy below stamp duty.

I earn 11k he earns 21k

6506k in debt do we settle this when we complete? and put down 21500ish deposit down on house, therefor mortgage of £103500.
Can I have people's opinions please

Dave_Ham

Down to you really, depends what terms the credit is on.

From a mortgage perspective, you should be able to achieve what you need.

20% deposit is the game changer rates wise, so worth striving for that..

Well done, good luck

Nins12345

Il breakdown the debt lol:
Him
Personal loan £1304 ends feb 2013
Sofa on hp 0% £398
overdraft £1106
Next account £528
Barclaycard £1371
Amex £671

Me
Barclaycard £973
Argos £147

Which of these debts would you pay off what would look better when doing affordability?

Thanks n

Dave_Ham

Keep the 0% for your own benefits..

From a bank perspective, they will assess the cards at standard commitment (usually 3%) whether they are on 0% or not.

Unless you are in your 40's + the affordability will not hurt you on your income..

Good luck

Nins12345

That's alright then thanks Dave I can't help panicking I'm an estate agent and see peoples sales fall through all the time so fingers and toes crossed luckily got a ftb with Mortgage in place so hopefully should be ok

Thrugelmir

Has the overdraft constantly been in use recently?

Dave_Ham

Estate Agent, now that is equivalent to a swear word..

Still I would not trust your in house advisor either..!

Seriously, you will be fine..

Good luck

Nins12345

Lol I know I'm gonna be hated o well! I'm not like all the other agents out there I tell the truth!!

Dave_Ham

Nins12345 wrote: »

Lol I know I'm gonna be hated o well! I'm not like all the other agents out there I tell the truth!!

Hopefully it will be catching - all the best

Nins12345

Just to update on my last post, our sale tied up at 99k in the end. We are going to look at a property tomorrow it is on the market for 180k the agent believes she is negotiable to 150/160k been on 2 years had a sale but buyer pulled out over a year ago. Now we can get our hands on 10k additionally (we are battling an insurance company for a bad accident my partner had and thats the offer we are at at the moment we can borrow this off a family member until we get the cheque).
I think it all sounds very tight on our money but would like opinions so we would be looking at a mortgage of around 120k/ 130k. My partner does discos and makes around 800pcm but we only have 1 years books so I know on paper they can't look at this.

getmore4less

I think you need a good look at your financial planning and get out of the habit of living on credit before you end up with a biiger mortgage and back into the debt cycle again, especialy as you are now looking to stretch the mortgage .

Look closely at why you have the debt and look for solutions to stop it happening again.

Have you looked at debtfreewanabee and doing a SOA/budget.
http://www.makesenseofcards.co.uk/soacalc.html

Remember it is not how much they can give you it is how much can you sensibly afford.