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First time buyer - bit of advise please
tessy_t
Posts: 91 Forumite
Hi,
Im after some thoughts on my situation and maybe a bit of advice from those more knowledgeable than me! I earn £18k basic but potential to earn £2k in overtime.(and have done so the last 6 months) I have a mortgage agreed in principal with a broker and have a follow up appt with him at the wknd. I have made an offer on a house for £91k, my broker say's we will discuss how I want to proceed as to whether I will take a 100% mortgage or whether I sell my car and could possibly get a £5k deposit. (I could still get to work without the car so wont affect my earnings)now here is the rubbish bit, I have £1k flexible loan with cahoot and a £1600 credit card bill with egg. I really wanted to pay these off before I got a mortgage, but this opportunity is too good to miss due to location and the house itself has huge potential. Has anyone any advice on how I should proceed? is there anyway I could combine my current debts into the mortgage?and would ideally like to have a couple of thousand left to spend on the house, it just needs superficial modernisation and a good clean! but it is ready to move in other than that.
Grateful for any suggestions.
Thanks
Im after some thoughts on my situation and maybe a bit of advice from those more knowledgeable than me! I earn £18k basic but potential to earn £2k in overtime.(and have done so the last 6 months) I have a mortgage agreed in principal with a broker and have a follow up appt with him at the wknd. I have made an offer on a house for £91k, my broker say's we will discuss how I want to proceed as to whether I will take a 100% mortgage or whether I sell my car and could possibly get a £5k deposit. (I could still get to work without the car so wont affect my earnings)now here is the rubbish bit, I have £1k flexible loan with cahoot and a £1600 credit card bill with egg. I really wanted to pay these off before I got a mortgage, but this opportunity is too good to miss due to location and the house itself has huge potential. Has anyone any advice on how I should proceed? is there anyway I could combine my current debts into the mortgage?and would ideally like to have a couple of thousand left to spend on the house, it just needs superficial modernisation and a good clean! but it is ready to move in other than that.
Grateful for any suggestions.
Thanks
0
Comments
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Sell the car
Use half the proceeds to clear the debt and the rest to do up the house.
It will have to be a 100% mortgage, but at least you will not have put the unsecured debt against your house
Discuss this option with your broker
HTHI am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, 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 -
Thanks..that does make a lot fo sense0
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