Broker recomendations

Thank you, I tried L&C before asking for advice here as they seemed confident based on the info I gave them that I could get a mortgage of up to £103k but having used other online calculators some said as low as only £20k which is why I'm concerned.

Basically I would like to buy my current rented property using RTB discount as my deposit, max £8k in Wales, I have £3k funds available to either assist or pay down my debts. I don't know what my house is worth and the landlord requires a payment from me to let me know what their selling price will be. Houses in my area sell for £70-120k. Basically I have a few days left to decide as the deadline for RTB is 25th Jan but have to weigh up if the landlords fee is dead money if I've no chance of securing a mortgage.

In a nutshell my income is as follows;
Salary £23500
Tax Credits £16120
Child Benefit £2304

Credit card and loan debt is £17k with monthly payments of £615
Childcare is £914 (will reduce to £450 in Sept)
Council Tax £77
I pay 5% of my salary into company pension and have old type student loan deducted
Gas £42
Electric £60
TV licence £12.12
Groceries £250-300

Because I don't know the house value it's hard to decide what's best to do with the 3k I could pay off my loan in full which reduces monthly outgoings by £200 but because of the speed I need to make a decision I'm not sure how quickly I could pay down the others.
I've never missed a single payment on any of my commitments but have high utilisation on the CCs

Would really appreciate some input if anybody would lend based on my circumstances as if there's no chance then the money is best placed on my debts than wasted paying the landlord for a valuation (incidentally you get this back on completion) My thoughts are that by the time the landlord values etc and I need to apply I can further reduce my debts by taking the maximum time allowed to advise of my decision to buy or not thus reducing my outgoings even further.

ACG wrote: »

There are too many variables to say whether or not this is likely.
At £70k with an £8k discount, it is probably doable.
At £120k with an £8k discount, it is probably not.

I would probably hold fire until closer to September when your childcare will halve, you can hopefully also get your debt down a little without spending more and just making your normal payments (Hold the £3k back to give you some flexibility).

Thank you so much for your reply and it is as I suspected and could be tight, I think due to the deadlines I face with regards to RTB in Wales my only choice now is to pay the landlord to get the valuation and at least then I will have more accurate info to give to a broker.

I really don't want to move due to being within walking distance of the children's schools, but don't want to rent forever either.

If I'm correct the landlord has 8 weeks to let me know their offer and I have 12 weeks after that to decide and let them know my intentions and it's only at this point you start sorting surveys etc so it could drag out beyond September which would leave me in a better position all around.

Really appreciate you taking the time out of your day to offer some help. It's really appreciated as I've searched Google and other forums but it's a bit of a minefield and I don't know anybody in similar circumstances as me to ask for advice nor do I want to divulge financial information to friends do it's hard to get a real idea of where to turn.

Thank you so much