We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
No deposit and about 5/6k of debt..
tigerstyle07
Posts: 9 Forumite
I have no deposit and about 5-6k of debt. £5000 on a loan and £1000 on an interest free student overdraft but i have paid a little bit of the loan off, not much and i dont know the exact amount. im in a bit of a mess. Im going to make an appointment with an advisor on monday.
But what are my options regarding getting a 100% mortgage with this debt? I reallu want to invest in property but dont have the time to save a deposit or loan from family. i am 21 years old. Please help. Thank you so much,
Suzanne.
But what are my options regarding getting a 100% mortgage with this debt? I reallu want to invest in property but dont have the time to save a deposit or loan from family. i am 21 years old. Please help. Thank you so much,
Suzanne.
0
Comments
-
Don't do it.Happy chappy0
-
Clear your debts, and then save up a deposit.
What income do you have?Gone ... or have I?0 -
if i clear my debts that will take years. i earn about 10k a year.thanks!0
-
if i clear my debts that will take years.
So you are just going to take on another debt instead?i earn about 10k a year.
How much do properties in your area cost?!!Gone ... or have I?0 -
Sorry I agree with the others, don't do it, you would be lucky to get a mortgage for £30k0
-
you can get really nice little flats for 30-40k.(scotland)
I was going to rent it out to pay the mortgage.0 -
tigerstyle07 wrote: »you can get really nice little flats for 30-40k.(scotland)
I was going to rent it out to pay the mortgage.
Where can you get nice little flats in Scotland for £30k? Not in any place I know. How much rent would you get? You are unlikely to be lent £40k on your salary and in your position.
You may not like to hear it but we are trying to be realistic0 -
property ownership is not the be and and end all. you dont earn enough to support yourself whether renting or buying, if you live with your parents stay put until your income has doubled.I am a Mortgage Adviser
You 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 -
tigerstyle07 wrote: »you can get really nice little flats for 30-40k.(scotland)
I was going to rent it out to pay the mortgage.
In this case you'll need a BTL mortgage & 15% deposit.The bigger the bargain, the better I feel.
I should mention that there's only one of me, don't confuse me with others of the same name.0 -
tigerstyle07 wrote: »I have no deposit and about 5-6k of debt. £5000 on a loan and £1000 on an interest free student overdraft but i have paid a little bit of the loan off, not much and i dont know the exact amount. im in a bit of a mess. Im going to make an appointment with an advisor on monday.
But what are my options regarding getting a 100% mortgage with this debt? I reallu want to invest in property but dont have the time to save a deposit or loan from family. i am 21 years old. Please help. Thank you so much,
Suzanne.
What's your monthly take-home pay, and how much are you paying each month for your loans?"You were only supposed to blow the bl**dy doors off!!"0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 347.8K Banking & Borrowing
- 251.9K Reduce Debt & Boost Income
- 452.2K Spending & Discounts
- 240.1K Work, Benefits & Business
- 616.2K Mortgages, Homes & Bills
- 175.3K Life & Family
- 253.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 15.1K Coronavirus Support Boards