Im confused if im in with a chance or not?

TBagpuss

It is worth speaking to an independent mortage advisor - be completely honest with them about the level of debt you have and about the DMP you had, and see what they say.

Also, think about all of the costs of buying - and of owning.

You have a lot of debt, and are almost certainly paying much more in interest on the debt that you will ever earn on any savings, so it may well make sense for you to focus on paying the debt as fast as you can then saving a deposit. You can then look at whether it makes more sense to have a mortgage in your sole name or in joint names, dependent on your incomes and ages.

How did the debt build up, and are you now paying it off rather than building up any new debt?

sheramber

Have you considered the legal costs involved in buying. the costs of moving, any purchases you need to make for the new house?

Will you need flooring, white goods, curtains, garden tools and other sundries that you don't realise you need?

markin

£1500 in fees + moving, You should really have £1000 for car repairs.



And as for HTB Don't we all agree they all just put the price up for more profit didn't they! And new homes come at a premium anyway, can you afford a premium home?

Bubbles2012

Hi,

As ive said, if we were to concentrate on our debts now before even looking into a mortgage, by the time we are ready, my husband will be too old and the repayments will be too high.

Believe me when i say there will be no more debt (apart from mortgage if possible) we have massively learnt and are now realising the errors of our ways.

I dont earn enough to have a mortgage on my own.

I spoke to a mortgage advisor whom my friend has used for years and he was helpful.
He could see the catch 22 situation we are in. If we had more time, he recommended sorting debt out but has recommended to save for our deposit, plus 2K for fees and go back to him.
He said there is a chance for us but by no means is he guaranteeing it.
He said he would never recommend anyone to do HTB scheme especially us in our situation.
So, the plan is, for now, aim for a 5% deposit for a 160,000 house. Save save save! And just see if he can find us a lender.
We have appliances... im guessing the only thing that could be an issue would be our sofa and fridge freezer, but we can save for that too.
Im pretty determined. I would rather try and be turned down, than never dip my feet in the water.

Ive also applied for a new job that offers more money, closer to home too