Can it be done?

Newbie_loan

Here's the story.

In April we are currently leaving our rented apartment. And moving back in with my parents. (Me & my partner)

Financial side of things.

We have so far 10k save up.
We have 1900 on a credit card of mine
I have a loan of 400 quid left with my bank.
I also have another card with 400 pounds on.
I always pay 50 pound of each and if not more, the loan will be paid off the end of this month.
I do have two overdrawn on my account from October and November from where for some reason I got charged a day early for something.

My partner used to be a student.

So she has 1000 pound overdraft.
2000 on a credit card & 500 on another.


What we would like to do.:T

At the movement every month we are paying 500 pound of our debt.
On various cards. When we move back to my parents on April we will have a additional 2500 to pay off some more debt.

We would like to go the shared ownership route as it seems best for us. We have started getting the ball rolling by speaking to a mortgage broker and we are sending our statements etc to see if with are eligible for the scheme.

We need around a 60000 mortgage to get the type of property we are after under the shared scheme.:D

We was hoping to get a 5% mortgage for this and with fees would be a total of 5000 deposit needed. (This would give us money to pay ofF any debt. However, we have heard from the broker that many lenders are only offering 20% deposit due to a commercial building being under the flat we want to buy.

This is to much in my eyes. :rotfl:

We had a meeting with natwest the other day and Inputted all our numbers into there soft search etc.

This came back we could borrow 132000 or 142000 when my loan was paid off and this was with the credit cards still on there.

We don't have the best credit ratings,

I'm just wondering whats the best way to go about things here. Do we move back with my parents pay debt off even though it makes no difference to our mortgage allowance or do we leave it save more.

Do we still go down shared ownership route or do we use the broker and get a full mortgage.

I'm so confused by it all and need some good advice with some help.:mad:

To be honest I don't mind holding out a few months, in our minds we would like to go down the shared ownership route and grt a 5% deposit while paying off debts with he rest or in that time while looking paying 1500 each month while at my parents.


Please help?

Thank you


And yes I do know the downsides to shared ownership!!:eek:

Thank you:money:

Thrugelmir

With £10k of savings clear your debts as a start. You are doing yourselves no favours.

Newbie_loan

Any other advice?

Twiglet12

Despite the figures they give you in the marketing paperwork, you'll probably need in the region of 5-6k spare cash to cover all the costs involved. Don't start the process with clear figures worked out and budgeted for, because there will be extra unforeseen costs that crop up.