FTB Big Problems

F.T.B_2

Hello

I was wondering if anyone could help us at the moment please. Basically i live with my girlfriend and child in a council flat which is costing us very little a month.

We want to get on the property ladder and move into a 2 or 3 bedroom home, with a garden for daughter to play in. We want the extra room as we may have another baby in the coming couple of years.

We earn around £35,000 a year combined income, slightly less maybe. I have OK credit and have no trouble gaining any credit. I have had a £1700 loan for a car and paid that on time all the time, credit cards are always paid and virtually clear etc. I have only just graduated in 2004 so there is a student debt but that does not yet have to be paid until i get a graduate job earning more money.

We have viewed a couple of homes around the £100,000 mark, in our area you can get a 3 bedroom for this. We dont even mind paying less and getting a property that needs some work doing but again they come in at around £95,000 so not much saving.

We have a meeting with a mortgage advisor in a couple of weeks but basically the problem is my girlfriend got into a lot of debt a few years back and she has not paid them off or made any efforts before she met me to pay them off. There are credit cards, store cards and the like.

I would like some advice as to whether it is possible to get a mortgage with her on it or whether this would not be viable? I do not mind taking the mortgage on my own if it is possible but i only earn around £15,000 a year on my own and dont know if i could get mortgage. I believe we could get around £8000 deposit. An estate agent said on the phone, "as you are so young (both 23) there is a better chance of getting a mortgage as you have longer to retirement"

Any help would be excellent

Regards (sorry for the length)

meanmachine_2

If you can get an £8K deposit why not just pay off her debts with that?

Then wait a few years, save and put that new deposit to a house.

23 is incredibly young to be buying a property. With your partner's debts it doesn't sound like a good idea.

Remember, you're living very cheaply at the moment. But with a mortgage you won't be - plus, you have to remember int rates go up as well as down.

The average FTBer age these days is 34. Why the hurry to get yuorself tied down?

Pinkleylandii

If your girlfriend has any assets in her name and they catch up with her they can take her to court and use the assets to pay off the debt. Try and use your name only. If she is willing to contribute but wants her name on as part owner say that you can get a contract drawn up for her investment bit/rent but not on the mortgage. Seek advice from citizans advice. They could help sort out her debt and arrange to stop the interest and be a mediation service to arrange very low payback options.