Mortgage and Credit Cards

maj1987

Pay the debt off and put 165k deposit down instead of the £185k

FrancisBegbie

maj1987 said:

Pay the debt off and put 165k deposit down instead of the £185k

I can’t do that 
the 185k isn’t mine and only for a house 

Tabieth

It’s ringing alarm bells that you’ve run up so much debt (that, from reading other replies, appears to be increasing) whilst living with your parents on (presumably) no / very cheap rent and no bills. If you’ve run this debt up in those circumstances, can you be confident you won’t add to it when living in your own home, paying your own mortgage and all your own bills? 

Are your parents giving you the deposit for the house purchase? Why are you hiding the debt from them? I obviously don’t know your relationship but I’m assuming it’s a good one if they’re giving you so much money. Why not be honest with them, admit to the debt and take a smaller house deposit so you can clear your debt? 

FrancisBegbie

Tabieth said:

It’s ringing alarm bells that you’ve run up so much debt (that, from reading other replies, appears to be increasing) whilst living with your parents on (presumably) no / very cheap rent and no bills. If you’ve run this debt up in those circumstances, can you be confident you won’t add to it when living in your own home, paying your own mortgage and all your own bills? 

Are your parents giving you the deposit for the house purchase? Why are you hiding the debt from them? I obviously don’t know your relationship but I’m assuming it’s a good one if they’re giving you so much money. Why not be honest with them, admit to the debt and take a smaller house deposit so you can clear your debt? 

I can’t clear the debt with the house money 
the debt is not getting disclosed 
I can pay the debt off I just need to ensure it’s interest free for longer 

I can pay a grand off it this month 

Tabieth

FrancisBegbie said:

Tabieth said:

It’s ringing alarm bells that you’ve run up so much debt (that, from reading other replies, appears to be increasing) whilst living with your parents on (presumably) no / very cheap rent and no bills. If you’ve run this debt up in those circumstances, can you be confident you won’t add to it when living in your own home, paying your own mortgage and all your own bills? 

Are your parents giving you the deposit for the house purchase? Why are you hiding the debt from them? I obviously don’t know your relationship but I’m assuming it’s a good one if they’re giving you so much money. Why not be honest with them, admit to the debt and take a smaller house deposit so you can clear your debt? 

I can’t clear the debt with the house money 
the debt is not getting disclosed 
I can pay the debt off I just need to ensure it’s interest free for longer 

I can pay a grand off it this month 

Okay. Pay 1k this month. That will take your debt down to 17k, yes? And I assume you won’t be able to afford to pay 1k a month once you’ve got the mortgage? So, I’d pay as much as you possibly can between now and then to minimise the debt. Don’t add to it whatever you do. Then, when your interest free cc deal ends, transfer the remaining onto another 0% cc. If you’ve been successful in reducing the existing debt and haven’t run any new ones up, you should be fine.

The risk that you face is that buying a house involves a lot of expense, some of it unexpected. You’ve run up a lot of debt whilst living with your parents and having presumably small outgoings. Only you know how financially disciplined you are and if you’re likely to add to your debt or not. If you end up getting into more debt to pay for unexpected house costs you could be in a much worse position in a year’s time. 

FrancisBegbie

Tabieth said:

FrancisBegbie said:

Tabieth said:

It’s ringing alarm bells that you’ve run up so much debt (that, from reading other replies, appears to be increasing) whilst living with your parents on (presumably) no / very cheap rent and no bills. If you’ve run this debt up in those circumstances, can you be confident you won’t add to it when living in your own home, paying your own mortgage and all your own bills? 

Are your parents giving you the deposit for the house purchase? Why are you hiding the debt from them? I obviously don’t know your relationship but I’m assuming it’s a good one if they’re giving you so much money. Why not be honest with them, admit to the debt and take a smaller house deposit so you can clear your debt? 

I can’t clear the debt with the house money 
the debt is not getting disclosed 
I can pay the debt off I just need to ensure it’s interest free for longer 

I can pay a grand off it this month 

Okay. Pay 1k this month. That will take your debt down to 17k, yes? And I assume you won’t be able to afford to pay 1k a month once you’ve got the mortgage? So, I’d pay as much as you possibly can between now and then to minimise the debt. Don’t add to it whatever you do. Then, when your interest free cc deal ends, transfer the remaining onto another 0% cc. If you’ve been successful in reducing the existing debt and haven’t run any new ones up, you should be fine.

The risk that you face is that buying a house involves a lot of expense, some of it unexpected. You’ve run up a lot of debt whilst living with your parents and having presumably small outgoings. Only you know how financially disciplined you are and if you’re likely to add to your debt or not. If you end up getting into more debt to pay for unexpected house costs you could be in a much worse position in a year’s time. 

This is exactly my
plan

i have a mortgage in principle agreed from numerous lenders know being completely honest about the credit cards 

do you think I’ll be ok? 

david29dpo

Are you hiding the det from your parents because they may not give you any money?

Tabieth

FrancisBegbie said:

Tabieth said:

FrancisBegbie said:

Tabieth said:

It’s ringing alarm bells that you’ve run up so much debt (that, from reading other replies, appears to be increasing) whilst living with your parents on (presumably) no / very cheap rent and no bills. If you’ve run this debt up in those circumstances, can you be confident you won’t add to it when living in your own home, paying your own mortgage and all your own bills? 

Are your parents giving you the deposit for the house purchase? Why are you hiding the debt from them? I obviously don’t know your relationship but I’m assuming it’s a good one if they’re giving you so much money. Why not be honest with them, admit to the debt and take a smaller house deposit so you can clear your debt? 

I can’t clear the debt with the house money 
the debt is not getting disclosed 
I can pay the debt off I just need to ensure it’s interest free for longer 

I can pay a grand off it this month 

Okay. Pay 1k this month. That will take your debt down to 17k, yes? And I assume you won’t be able to afford to pay 1k a month once you’ve got the mortgage? So, I’d pay as much as you possibly can between now and then to minimise the debt. Don’t add to it whatever you do. Then, when your interest free cc deal ends, transfer the remaining onto another 0% cc. If you’ve been successful in reducing the existing debt and haven’t run any new ones up, you should be fine.

The risk that you face is that buying a house involves a lot of expense, some of it unexpected. You’ve run up a lot of debt whilst living with your parents and having presumably small outgoings. Only you know how financially disciplined you are and if you’re likely to add to your debt or not. If you end up getting into more debt to pay for unexpected house costs you could be in a much worse position in a year’s time. 

This is exactly my
plan

i have a mortgage in principle agreed from numerous lenders know being completely honest about the credit cards 

do you think I’ll be ok? 

I don’t know if you’ll be ok. It’s not a bad plan, but it depends on lots of factors we don’t know. If you have the income to cover the debt, the mortgage, the household bills and all living expenses AND you’re disciplined enough not to run up any more debt then that’s all good. But what happens when there are unexpected costs (and there will be unexpected costs)? Or if you continue to run up debt once you’ve bought the house? 

Then the big, red flag (which others have asked about and you’ve not acknowledged) is that you ran this debt up living with your parents and presumably had minimal outgoings. If you’re confident that you won’t continue to accrue debt that’s good. But that’s what worries me about your plan, 

Tabieth

Ok I’ve just read a post from you on another board written in January. At that time you said that you had 15k of debt. You’re now in debt of approx 18k (I don’t think you gave the exact amount). You’ve increased your debt by at least 3k in 8-months whilst living with your parents and, presumably, paying very little in the way of outgoings. You’re clearly either not coping or you’re massively overspending. What has this debt paid for? What are you spending the money on? 

My advice is pay the debt off in full before buying a property. I’d also start being honest. Honest with yourself (you’re clearly not in financial control) and maybe honest with your parents who are gifting you a hefty deposit. If you don’t the likelihood is your debt problems increase and you end up in serious financial trouble and maybe risk losing your home. 

FrancisBegbie

Can everyone calm down 

I’ve sorted my !!!!!! out 
my lifestyle has completely changed 
I can pay it off 

I’ve got the chance to own the  first time property of my dreams whilst it’s on the market 

I’ve got 45k job plus bonus 

I have no kids 
no car to pay for 

I need to secure the property carrying the debt and pay it off