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First time buyer - no clue
Moneylockdown
Posts: 61 Forumite
Hi everyone,
Thank you for taking the time to read.
I am getting married this year and we currently rent. Our CC debt will be paid off in dec 2015 but I will still have a loan left of roughly £6k at £204.05 a month.
Would it be best to save as much as we could to get a bigger deposit to buy at the end of 2016 or pay more off the loan? Am I able to get a mortgage with debt as long as we have a 10% deposit?
Sorry if they sound like silly questions
Xx
Thank you for taking the time to read.
I am getting married this year and we currently rent. Our CC debt will be paid off in dec 2015 but I will still have a loan left of roughly £6k at £204.05 a month.
Would it be best to save as much as we could to get a bigger deposit to buy at the end of 2016 or pay more off the loan? Am I able to get a mortgage with debt as long as we have a 10% deposit?
Sorry if they sound like silly questions
Xx
Total debt -[STRIKE]£10,945.24 £10,174.14 £9516.82 £5500.92 £5295.51 [/STRIKE] £4840.74 - 09.02.2016
55.77% paid off since 08.04.2015
#28 in paying off all debt by Christmas 2016
55.77% paid off since 08.04.2015
#28 in paying off all debt by Christmas 2016
0
Comments
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The best thing to do is apply for a mortgage with no debt at all. Pay off all oustanding debt, save like crazy. Cut back on as much as you can for a year or two. A little sacrifice for a lot of gain
0 -
Your question cannot be answered without knowing your full income and outgoings.
Current debt is not a barrier to mortgage lending.
A 10% deposit will work if you have a clean credit history and are earning enough.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
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