Advice needed

dave1980

Hiya peeps

After some great news ( expectant dad ) me and my partner really feel we need to stop this renting game and get the stability of owning our own home. I have an income of £22,000 my partner £15,000 we both have good credit rating although owe roughly £7,000 in debt ( personal loan/credit card . Due to our new circumastances we could only consider a 100% mortgage and are looking to lend £110,000 any advice would be greatly appreciated before we start to investigate this further

cheers in advance Dave

GalDriver

Hi dave1980, you may find this site useful, they have an online mortgage calculator http://www.firstactive.co.uk/fa/
Good luck & congratulations :-) :beer:

dunstonh

Due to our new circumastances we could only consider a 100% mortgage and are looking to lend £110,000 any advice would be greatly appreciated before we start to investigate this further

Whilst the basic info suggests you could afford the repayments, do you really want to go into a 100% mortgage at a time when house prices are dropping?

Especially if you have to add all the fees to the mortgage as well.

If you have been unable to save up any deposit, then how do you expect to cover unexpected bills and other expenditure?

Unless you are in a hot spot you may well be better saving some money and wait whilst the market increasingly becomes a buyers market.

Griptool

dunstonh wrote: »

Whilst the basic info suggests you could afford the repayments, do you really want to go into a 100% mortgage at a time when house prices are dropping?

Especially if you have to add all the fees to the mortgage as well.

If you have been unable to save up any deposit, then how do you expect to cover unexpected bills and other expenditure?

Unless you are in a hot spot you may well be better saving some money and wait whilst the market increasingly becomes a buyers market.

Listen to dunstonh, he's just saved your bacon..... And renting's not all bad - just think no DIY:T

Edit
And congratulations on the new issue

Jonbvn

There is no rush! Most commentators are predicting that house prices will be stagnant or drop next year. This is is clearly to your benefit.

In the interim, pay off your debts and save a decent deposit, so you don't need a 100% mortgage.

Finally, when your new issue comes along, I assume that your OH will not be in work. This means you are looking to borrow 5 times your sole income. I think this may be beyond reasonable affordability. What do you think?