Which way to go....

lozzaj83

Hi All,

I'm not sure if this is the correct place to post so apologies if not. Ive moved this from another thread.
We are in a position where we are currently renting a property from a private landlord. In April this year she offered us the chance to purchase it from her as she wants to sell in this tax year. We explained that we couldn't look at anything until Oct/ Nov this year as my partner had a default that was being lifted then.
During this time we have saved around £6k in savings. Just to add we would be first time buyers. However, we also have around £7k in card debt. I know what you are all thinking that we should use the money saved to pay off some of the debt. However, we need some money to put towards a deposit. I am also unfortunatly due to inherit around £9k within the next couple of months.
We don't have anyone to lean on to 'lend/offer' us the money. However, I feel we may be put in a position as the landlady really wants to sell. It is difficult for us to rent as we have a dog and landlords are not that keen on pets! Plus everywhere in this area is so expensive. We have had mixed opinion from our families, and the house we are renting needs some work on it which if we bought would have to be looked at, at our cost. There is a lack of new build opportunities in the area so we can't look at that.
We are in a position now where we don't really know where to go. I am of the opinion that we pay off the debts and say that we can't buy and find somewhere to rent cheaper for 12 months and save more of a deposit.
What do you all think? We are very settled here and to move would be a real pain in the butt!

Thanks in advance.

Loz

Dave_Ham

Impossible to tell really, without more information and only you really know if it works for you...

What is the purchase price?
What are your incomes

Assuming the default has dropped off and your credit files are clean and the unsecured debt + mortgage cost is achievable then probably a no brainer.

Factor in what you are paying in rent and what works needs to be done + what you would pay to buy elsewhere.

No right or wrong answer, but what feels right.

All the best