Currently no chance of getting a mortgage but how to plan for the future?

lonestarfan

Your other priority should be to get a proper emergency fund together so if unemployment (or other issues) occurs again then it's not going to mean that you immediately go straight into not paying.

sparks11

runlululurun wrote: »

I don't entirely feel I should need to explain that but I don't doubt that some people will judge.

You don't have to explain yourself. Nobody but you and your OH know your circumstances and the effect that pay rise has on your standard of living. Well done to him by the way, his situation can't have been easy.

If it was me (and this is purely opinion), if I was happy enough in my rented home, I'd pay the debts off first. It would make me feel more secure knowing they weren't hanging over me when I was about to commit to a mortgage. As I say, personal opinion. Good luck.

runlululurun

Absolutely lonestarfan, we have a small emergency fund but that is number one priority. I do not ever want to be back there again! Possibly why I would prefer to save than concentrate on being debt free.

runlululurun

Thank you sparks11

I would much much rather own my own home than rent (as would most people!), aside from the fact that it's a waste of money, the last two properties I've rented I've had to leave because the owner put them on the market. The current property is a long term rental situation (hopefully!) but even so. Also with my partners age, I think the sooner we can get a mortgage the better as it would already be over a reduced term.

If possible, I would rather buy a property then once in it concentrate on clearing the debt but not sure how to achieve this.

runlululurun

Or maybe save an emergency fund (3 months salary)

Then throw it all at debt.

Then save for deposit?

Red-Squirrel_2

runlululurun wrote: »

Thank you sparks11

I would much much rather own my own home than rent (as would most people!), aside from the fact that it's a waste of money, the last two properties I've rented I've had to leave because the owner put them on the market. The current property is a long term rental situation (hopefully!) but even so. Also with my partners age, I think the sooner we can get a mortgage the better as it would already be over a reduced term.

If possible, I would rather buy a property then once in it concentrate on clearing the debt but not sure how to achieve this.

Don't think of renting as a waste of money, its money that you're spending to have a home and a roof over your head, there's nothing more useful!

There are positives and negatives to both owning and renting. No, you're not gaining any assets renting, and there's less security but equally you don't have any maintenance responsibilities and you're much less committed should your circumstances change. Renting is right for you now, one day maybe buying will be, but neither is a waste!

downhillfast

With your partner's change in circumstances ie doubling of salary, are you not meant to inform whoever manages his DMP? I'm sure we had to do this when my partner had a pay rise.