vallumlj

I am planning to move out at the end of the year. I have had enough at living at home.

My problem is i earn 31k but have a 15k debt.
I have heard of some companies giving you a Mortgage and a loan at the same time. Has any one done this.

I need a mortage of about 160 k

145k house
10 loan
5 credit card

My parents can be used a backing on the mortgage if that would help.

any help would be good thanks

sti-04!!

Northern Rock do the mortgage you are after.

My friend used this to get himself sorted out.

MattW

Moving out at end of year - save save save then. No going out no luxury expenses, it's only for 7 months, should get most of that debt off.

turbomatt

iTrader: (1)

How the **** do you get 15k in debt when your earning 31k a year and living with your parents? and then consider getting another loan to pay that one off on top of a 145k mortgage.Words fail me no realy how thick do you wanna be? how did you get a job that pays that much with the lack of comon sense you have?

vallumlj

it s not my problem mate you have a **** job is it

What are you shelf stacker ?

You have no right to judge me really do u

sti-04!!

Turbomatt, i have reported you to the admin team. The tone of your post is uncalled for!

David Lock

Putting aside the personal insults for a moment I can't quite work the maths out.

Say you got a 4 x salary mortgage = £120k plus a partner's single salary?? you would be well short of what you need if you want to include the debt.

So it's either parents chipping in with hefty deposit/downpayment or setting your sights lower.

Or have I missed something? I must admit it's a long time since I got a mortgage. dl

speedflash

my dad is a ifa and has his own company if he carn't get you a good mortgage without being ripped of i will show my **** to the queen

pm me if you want the details

PaulC72

Some places will give 5 or 6 times salaries these days, just a case of shopping around.

vallumlj

thanks for the help so far.

I have been looking today and am going to see a mortage advisor next week.

Northern rock said they will lend 5.9 of your salary so this could work

thanks

howellsy42

im kinda the same as you i earn 33k a year plus over time iv got about 9k of debits got a loan young and paying thu the noise for it now i have just got a morgage for 87k for a 60% shared ownership 3 bed with garage house is in a nice area that over 25 years my morgage repayments are about £600 a month i think if you get a morgage for 6 times your salary you may find the repayments will be stupiedly high a monthand then you wont be able to injoy life !!

borgie

Each person is different. It dont matter what you earn, you can still get in debt with how much it costs to live in the UK.
It is getting harder for most people i would say.
All vallumlj is asking for is advise, not to be ripped to bits.

PaulC72

It ok having a mortgage based on 6 times your salary, just have it over 35 years or more until you are in a better position then you can shorten the peiod

Trout

iTrader: (1)

With a mortgage of that size you outgoings are going to be around £1400-1500 a month just to live in your new pad.

That is going to be a very sizeable chunk of your take home. You may get a good mortgage discount upfront that will take a couple of hundred of this in the first couple of years.

speedking

Did you not like the advice you got last time?

vallumlj

just thought i would ask again to see if i got any more help

which i have

fitzscoob

Just bear in mind that on that sort of mortgage you are looking at repayments of around £850 - £950 per month, plus all your expenses.

It works out at around another £400 / £500 per month for all other bills, including food, not including petrol.

This is in a small 2 bed terraced house, with just myself living there.

If you can cover that, and have some money left over to be able to live on then go for it.

Once you have a mortgage, things change - make sure you leave yourself enough money to live on, and remember things always go wrong and cost you at the worst times. You need to have money to pay for things.