Huge Debt and First Time Buyer ADVICE PLEASE

MortgageMamma

kenshaz wrote: »

MM you cannot possibly know how old I am.
I dislike Gordon Ramsey intensely he stands for everything I dislike in a human-being ,loud ,foul ,cruel and vulgar,without an once of sensitivity.Perhaps that is what you need to be successful ,but we are talking about happiness ,being a winner is a bonus but not essential for happiness.
But the rules of the site are simple Please be nice to all MoneySavers.Therefore shall we forget the lessons and follow the rules.

PS .MM why wait to be happy,you have my permission to be happy now,forget the work go and sit in the garden feel the warmth of the sun and listen to the birds singing,some people cannot even do that ,so perhaps we should be glad and content and forget about success.

Perhaps I can invite comment on the following.

Rich and unhappy for the rest of your life or Poor and happy for the rest of your life . No -one can be Rich and happy except Mr Helpful.

He is being nice, he;s helping them help themselves! Its all in the power of the mind kenshaz

I have been happy today I picked up my kids at 230 from nursery and am baking/in garden/stuffing my face as we speak (the great female multitasker)

by the way, I had you down as 55 in my head for some reason

Maggie30

kenshaz wrote: »

Use £60000 from your salary to pay off the debt and live on the remaining £40000 sorted in 12 months.

And it isn't nearly as simple as your suggestion..............if only it were! I would not be seeking help for a start! :j

[Deleted User]

Help for what exactly? its all here, ie its not a good time for you but it will be soon in the future if you tackle your debts.

A good way to assess how much you can afford is to use a calculator, it just so happens I typed all your figures into the alliance and leicester mortgage calculator I typed in 100k per year 50k on a credit card and £300/month loan repayments. They will lend you 188K, so now you can buy a house for 188K although if you speak with them in person i doubt they will lend you the money as they arnt the most risk taking bank. However there are loads of mad hatter mortgage companys that probably will give you the 188k you really cant do without. So all you need to do is talk to london country and theyll sort it out for you, problem solved. Once you have the house why not take out a nice picture the loan, loan so that you can do the place up. Its all going to be fine as there isnt a recession around the corner and your circumstances will never change.

Mr_helpful

Yant
Im not sure what you are on. There are different types of debt but they all mean you owe someone. The OP wants a house and Mad hatter brokers like me have given good advice how they can get a house and mange the debt. Without the debt we could say they could buy a £500000 house but with the debt I am telling them they can afford something much smaller. They will still have debt which is ok as long as its manageable. Yes there maybe a recession round the corner, most people survive them.

Kenshaz

I am going to disagree slightly as I dont class myself as rich and happy. I say i am wealthy which is different from rich. Wealthy is a state of mind. I have engineered a life where I do more or less as I please. There was no silver spoon in my mouth but a few years ago I realised that you have to give yourself permission to be abundant and create wealth and often move the goal posts. I dont model myself on Gordon Ramsey either Alan Sugar maybe.

[Deleted User]

I never called you a mad hatter just said that some banks are. I simply call it mad cos I wouldnt what every penny ive got to go in pure interest (pure profit for someone else). Spending to your means makes it a lot easier to spend more then your means and makes it impossible to make overpayments to kill the debt monster and then they either struggle for 25 years or go bankrupt. Interest rates can and will go up.

kenshaz

Yant1 wrote: »

Help for what exactly? its all here, ie its not a good time for you but it will be soon in the future if you tackle your debts.

A good way to assess how much you can afford is to use a calculator, it just so happens I typed all your figures into the alliance and leicester mortgage calculator I typed in 100k per year 50k on a credit card and £300/month loan repayments. They will lend you 188K, so now you can buy a house for 188K although if you speak with them in person i doubt they will lend you the money as they arnt the most risk taking bank. However there are loads of mad hatter mortgage companys that probably will give you the 188k you really cant do without. So all you need to do is talk to london country and theyll sort it out for you, problem solved. Once you have the house why not take out a nice picture the loan, loan so that you can do the place up. Its all going to be fine as there isnt a recession around the corner and your circumstances will never change.

They are going to take you away ha ha. Try one of the legal ones the government makes revenue on them.

kenshaz

Mr_helpful wrote: »

Yant
Im not sure what you are on. There are different types of debt but they all mean you owe someone. The OP wants a house and Mad hatter brokers like me have given good advice how they can get a house and mange the debt. Without the debt we could say they could buy a £500000 house but with the debt I am telling them they can afford something much smaller. They will still have debt which is ok as long as its manageable. Yes there maybe a recession round the corner, most people survive them.

Kenshaz

I am going to disagree slightly as I dont class myself as rich and happy. I say i am wealthy which is different from rich. Wealthy is a state of mind. I have engineered a life where I do more or less as I please. There was no silver spoon in my mouth but a few years ago I realised that you have to give yourself permission to be abundant and create wealth and often move the goal posts. I dont model myself on Gordon Ramsey either Alan Sugar maybe.

Mr Helpful sorry to inform you that it is rather vulgar to state that you are wealthy ,OK for others to say.
Alan Sugar would never get an invite to my home,money does not give you taste or class.

MortgageMamma

Can money buy you love though? Helpful was referring to his wealth in a context other than pure materialism

I'm going to start saving up for Daniel Craig because I want him

You will never suss helpful as you are both on different levels. When you see something that he writes and automatically take it at face value, stop, read it again and think how else it could apply - perhaps this quote from Oliver Wendell Holmes, one of my favorite will sum it up

"A word is not a crystal transparent and unchanged, it is the skin of living thought, and may vary greatly in colour and content according to the context in which it is used"

wardlaw

There are 125% mortgage products for first time buyers, but the actual unsecured part is capped at around £30,000.00 depending on the lender, so the debt of £60,00.00 could not be added

Maggie30

wardlaw wrote: »

There are 125% mortgage products for first time buyers, but the actual unsecured part is capped at around £30,000.00 depending on the lender, so the debt of £60,00.00 could not be added

Oh..............well thats a shame. Seems like the debt is too big to be included in a 125% mortgage. But at least I know this now, or at least am a bit more informed now with regards to the options for my partner. Thanks all so far.