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)

nelly_2

A self certifiable mortgage is probably your only option.

calleyw

As the market is a bit uncertain at the moment.

Personally I would sit tight. If you have an household income of £35K a year and have low out goings get your partners debt paid off. Then start to save for a deposit.

We moved a few months ago. But that was because are new mortgage because of equity and savings would the same amount as before. So it was not going to cost us any more.

Have you looked to see how much the size mortgage you require is going to cost you per month. Then you council tax will go up and maybe travel costs to work.

Yours

Calley

Jacster_2

The housing market is such at the moment, that you are probably as well sitting tight. I totally agree with Calley - pay off the debt then save to buy a place.

Watch house prices closely over the next few months, do your research, watch the price patterns and then judge the best time to buy for you.

Good luck!

GDB2222

Jacster wrote:

then judge the best time to buy for you.

Probably in 5 years time when everybody is moaning like crazy about how house prices are bound to continue falling.