Advice on house move.....

Harman83

Hi all any advice is welcome regarding my current situation. Basically looking at moving and just want to know if possible. We have no deposit only what is tied up in our current house....We own 50% share of house mortgage of 78k on property work around 170k maybe more.
My income of around 42k wife's 16k although currently on maternity pay.
We have the following debt:
259 per month on loan 2k settlement 8 more payments left
280 per month on loan 7k settlement 28 more payments left.
Car loan 170 per month 3k settlement 18 more payments left.
Fluid credit card 0 percent on 7k balance.
Nationwide credit card 0 percent 5k balance.


That is roughly all out debt. The houses we want in the area range from 190 to 220 k.


I know the debt is a lot but is there any companies that will offer me a 95 percent lev. As allmthosenthat advertise on the Internet don't seem to help when I ring them. Mi will seek advise from a mortgage advisor but thought any suggestions on here would be good....


Thanks everyone.

Thrugelmir

£24k of unsecured debt would be a problem for any mainstream lender.

Given that there only be £10k or so of equity in the property.

If you can afford to double your mortgage then tackle the debts. As those 0% balance transfers aren't going to last forever.

ACG

Im with Thrugelmir on this. Those debts need paying down.

Im all for finding ways and means to get the mortgage but i would be reluctant to put this through under my name even if there were a lender who would accept it.

kingstreet

You own 50% of a shared ownership property worth £170k?

How have you established the value?

Your mortgage is £78k, and the value of your share is £85k? Are there any early repayment penalties?

Notwithstanding the other issues raised, fees will wipe out your equity in your current property, so where will any deposit come from?