Affordability Question

kirstle99

I've been having a general play with the calculators online today. There seems to be a massive difference between the figure that comes out if you have childcare to pay for. So I take it as a general rule it's best to wait until kids are in school? Only 2 years away anyway when we were actually looking to buy

Thrugelmir

Any sizable financial commitment will affect the amount a lender will advance. If you had an expensive hobby such as playing polo it impact. Just like paying for childcare.

As a side note. If you have the savings clear the debt sooner. Will enable your credit profile to improve for longer. Time heals.

kirstle99

Thanks for your reply. Yes the plan is to clear the debt in January 2014 instead of June (it's money owed to parents so accounts have been settled on our files anyway) then save for 18 months to buy the year youngest starts school in 2015. All defaults will have dropped off by the end of 2014 so that's nothing to worry about there.

I just hope it all goes according to plan ha!

Thrugelmir

kirstle99 wrote: »

I just hope it all goes according to plan ha!

If you remain committed to the objective then you'll get there in the end. Good luck.