Advice needed RE buying a home

Hawthorn

Ok guys,

My husband and I are currently renting, and we'd like to buy. Where do we start?

We do have debts at the moment (about £7000 in total) which we are trying to pay off. Not easy given the price of food at the moment and we have four kids to feed!

What do I need to be doing.......how much is a good amount to save for a deposit (or do I not necessarily NEED a deposit?) I know my ex husband got a 100% mortgage some time ago?

Thanks!

_Andy_

There aren't any 100% mortgages on the market any more (without using a guarantor). At bare minimum you'll need a 5% deposit.

minimike2

I would say dont buy. If you say its not easy to pay off your £7000 of existing debt then imagine how hard its going to be for you to pay a mortgage.

Get your £7k paid off first and start saving for a deposit. Re-visit things once you are debt free.

Conrad

100% mortgages no longer exist apart from the Firststart product from Bristol & West which has tough criteria, in that your credit rating must be A+ and a reasonably well off family guarantor is required - hardly anyone fits the criteria and it's aimed at people who can visibly demonstrate they should be able to afford the mortgage without the guarantor with 2 or 3 years.

A few 95% schemes remain but the rates are quite high and again you will need a good credit history. Some broker may come here and recommend a lender that does allow a little adverse credit such as First National but the rates are not usually sustainable especially where you have 4 hungry tikes to feed.

happybroker

I second the above, sit tight and sort the debt out first.

Hawthorn

Whoa, that was fast LOL.

Ok, first I will focus on clearing the debts. There are no doubts forums designed for this so I'll go and have a mooch rather than asking questions on here.

Thank you so much xx