First time buyer help.

moneyhelpplease

Hi, my partner and I are desperately wanting to move in together, he is very sensible with his money and has no kind of debt etc. I am the opposite.

I had every intention to sort myself out before attempting to buy a house but my parents have offered us a deposit and between us we'd easily be able to afford the mortgage. We have a deposit of around 10,000 and are looking at a 90,000 mortgage.

I have credit card debt of around 3,500 a student overdraft and a personal loan with payments of £200 a month. Using the deposit to pay off my debt isn't an option.

Is this a lost cause?

We earn around £35,000 between us.

Thanks

Let_Us_See

No, you should be fine. Existing commitment of £2,400 p a reduces available income to £32,600. which is only approx 2.76 x income.

csgohan4

Do you have enough to pay for the sale as well such stamp duty, solicitor fees, surveys, mortgage fees e.t.c?