pay off credit card or buy house? (I'm new)

hazelsmum

Hi all,

My husband and I have £12000 proceeds from the sale of our flat and some savings. We're currently in a rented flat-costing us 610/month. it was meant to be temporary while we looked for another property to buy...but should we use the money to pay off our debts- about £9,900 or should we buy a house and accept that money'll be tight for couple years till we pay off debt?

i feel its best to clear the debt but husband feels it's always best to get a house/mortgage and work on clearing the debt oer the next couple of years.

i'm on mat leave but plan to return full time. we earn about 56,000 combined annually and looking to buy house for 170000. nursery will cost around 650/month. debt reapyments are around 650/month but if mim payments are made would be a lot less (i know its always better to pay more than that). what would the mortgage costs be?

advice please

globalds

I would clear the debts ...
That equates to the equivelent of rent free accomodation buy my rough reckoning .
It does look like we won't be seeing any big jumps in house prices for the short to middle term ..There may even be some bargains to be had ...So you don't stand to lose much by not owning a property for a while ...
If you have recently had a baby then all the finacial worry of being in debt may not be worth the chance of any gain .
I think lots of people would be very happy to be in your position ...Don't be in too big a rush to move on ..It looks like you made a good descision to get yourself where you are now .