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Advice for FTB (possibly) - adverse conditions
Saviola
Posts: 18 Forumite
Howdi,
My Girlfriend and I are currently in a dilemma!
We have been living with my Gramp for a five years now (was our base we travelled a bit), as I have no other relatives, he has recently passed away.
I was initially going to try and buy the house we live in (RTB Council Property), obviously this will not be able to happen now (was in Gramps name).
We are therefore thinking about renting for the short term. Girlfriend has a uni course to finish (all fully paid for) and we might move away. However, would Buying (possible???) or Renting be best??
Combined Wages = 45k+ (both due pay rises too).
Outgoings:
Loan= 5k - £250pcm (overpaying)
CC's= 12k (high for various reasons but won't dwell on them now) - £350pcm (overpaying)
Rent= £400 (currently) (maybe terminated soon, out of our control)
+ plus the usual bills.
Both use train which is £50pcm.
Never missed a payment and no CCJs etc. Just about to do a proper credit check.
We easily cover all these bills and can probably safely pay in excess of £800 per month. We would only be looking at a 160k mortgage maximun if we did buy (2 bed terrace or soemthing).
Stuck between renting somewhere for £600-700pcm and paying debts off or trying for a 100% mortage (unlikely I know at the mo and we have no relatives to fall back on).
Would just like to hear your thoughts on thsi situation really.
Cheers
Saviola
My Girlfriend and I are currently in a dilemma!
We have been living with my Gramp for a five years now (was our base we travelled a bit), as I have no other relatives, he has recently passed away.
I was initially going to try and buy the house we live in (RTB Council Property), obviously this will not be able to happen now (was in Gramps name).
We are therefore thinking about renting for the short term. Girlfriend has a uni course to finish (all fully paid for) and we might move away. However, would Buying (possible???) or Renting be best??
Combined Wages = 45k+ (both due pay rises too).
Outgoings:
Loan= 5k - £250pcm (overpaying)
CC's= 12k (high for various reasons but won't dwell on them now) - £350pcm (overpaying)
Rent= £400 (currently) (maybe terminated soon, out of our control)
+ plus the usual bills.
Both use train which is £50pcm.
Never missed a payment and no CCJs etc. Just about to do a proper credit check.
We easily cover all these bills and can probably safely pay in excess of £800 per month. We would only be looking at a 160k mortgage maximun if we did buy (2 bed terrace or soemthing).
Stuck between renting somewhere for £600-700pcm and paying debts off or trying for a 100% mortage (unlikely I know at the mo and we have no relatives to fall back on).
Would just like to hear your thoughts on thsi situation really.
Cheers
Saviola
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