Ok, we have just under 12k, was looking to buy a house for 90k so we'd have 3k left for all the extras....land..solic...etc. (First time buyers)
My partners credit rating is complety **** because of LoveFilm taking £6 out of his old current account and he had no idea so it racked up £150 in bank charges in space of 6months which he wasnt using this account but going off subject but need to know....
Our mortgage advisor managed to get us 1 offer of 75k at a variable rate which is about 5.5%? So we'd be paying back about £400 a month. Is this decent? I really wanted fixed but this is all we can get.
We've seen a 3bed house at 90k, and as we can borrow 75k only we put an offer of 84k (so our 9k deposit basicly) rejected no counter offer.
Now, thier isn't anything in our price range on the market and everything we see that we like just gets snatched up before we even get a chance to view!
We have the option of buying a two bed but we have one child atm and want another (hence looking for 3 beds) so we would probally be looking to move again in next 5 years and thier is about 4, 3 bed houses for sale in our area (in price range ofc) and 120 2 bed houses..so I am worried that if we went for a 2 bed we wouldn't be able to sell but we have seen a really decent one at 75k...so financally we would be alot better off.
Now, If we rented which we really don't want to do, we could at least get my partners credit rating back up through various things and the 'debt' would become older so wouldn't affect his credit rating as much and then look for a better mortgage and hopefully saved up some more to get a better house or just have abit more spare cash.
If we were to carry on renting we want to move house as the one we are currently in is just driving us crazy..without going into details so basicly we would be spending money moving as we have to give two months notice(via contract) so would probally be paying rent in two places at some point unless they were willing to wait two months for tennets to move in...idk.
My partners credit rating is complety **** because of LoveFilm taking £6 out of his old current account and he had no idea so it racked up £150 in bank charges in space of 6months which he wasnt using this account but going off subject but need to know....
Our mortgage advisor managed to get us 1 offer of 75k at a variable rate which is about 5.5%? So we'd be paying back about £400 a month. Is this decent? I really wanted fixed but this is all we can get.
We've seen a 3bed house at 90k, and as we can borrow 75k only we put an offer of 84k (so our 9k deposit basicly) rejected no counter offer.
Now, thier isn't anything in our price range on the market and everything we see that we like just gets snatched up before we even get a chance to view!
We have the option of buying a two bed but we have one child atm and want another (hence looking for 3 beds) so we would probally be looking to move again in next 5 years and thier is about 4, 3 bed houses for sale in our area (in price range ofc) and 120 2 bed houses..so I am worried that if we went for a 2 bed we wouldn't be able to sell but we have seen a really decent one at 75k...so financally we would be alot better off.
Now, If we rented which we really don't want to do, we could at least get my partners credit rating back up through various things and the 'debt' would become older so wouldn't affect his credit rating as much and then look for a better mortgage and hopefully saved up some more to get a better house or just have abit more spare cash.
If we were to carry on renting we want to move house as the one we are currently in is just driving us crazy..without going into details so basicly we would be spending money moving as we have to give two months notice(via contract) so would probally be paying rent in two places at some point unless they were willing to wait two months for tennets to move in...idk.