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Apprehensive first time buyers
yiddo_gaz
Posts: 1 Newbie
Hi,
My wife and I are planning to buy a house soon. Obviously this is a massive life choice from location, type etc.
On a purely financial level we have debt of around £17000. We have or will have around £5000 saved up for a deposit by the time I get back to the UK from working away.
My question is, is it better to pay off the debt before we get a mortgage?
Or as this is the only debt we have and have a reasonable amount of disposable income should we get on the property ladder sooner rather than later?
Thank you for any input
My wife and I are planning to buy a house soon. Obviously this is a massive life choice from location, type etc.
On a purely financial level we have debt of around £17000. We have or will have around £5000 saved up for a deposit by the time I get back to the UK from working away.
My question is, is it better to pay off the debt before we get a mortgage?
Or as this is the only debt we have and have a reasonable amount of disposable income should we get on the property ladder sooner rather than later?
Thank you for any input
0
Comments
-
Debt three times deposit? Reverse this first.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
I don't think you will have much choice at the moment. I'd pay off the debt and start saving all your disposable income.0
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