We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Pay off debts before mortgage?!?!?
Comments
-
Prove to yourself that you can save £500 a month each. From what you have said you are £4000 each in debt (£8000). There are many mortgage advisors out there who will say that affordability is the new lending criterion rather than income multiples. As a non-financial advisor I would advise you to condider trying to save your money. Clearly saving for things would be a new experience with the ultimate reward being a lower mortgage interest rate due to having a significant deposit and no debt. The housing market stagnation is in your favour at this time, so make the most of it.
Interest paid on a property you are supposed to own is 'money down the drain'. For example a £120K mortgage at 4.75% over 25 years will cost £85K in interest over the term. Only by year 11 will capital paid back per year be more than the interest charged, in a repayment mortgage situation.
J_B. (Build your income, consider training courses to advance career prospects.)0 -
Thanks for all the suggestions and advice guys. I intend to book in to see a mortgage advisor in the next few weeks and see what their advice is.
M0
This discussion has been closed.
Confirm your email address to Create Threads and Reply

Categories
- All Categories
- 351.7K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.7K Work, Benefits & Business
- 600.1K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards