Mortgage and saving advice
Discussion
Current situation:
Income:
Just under £19K a year before tax, raise to £25K in Sept guaranteed.
I sell about £100-150 worth of stuff on Ebay a month.
Outgoings/debts:
£500 on Barclaycard
Student loan circa £12K- being paid off, only just started earning enough to pay it off in September.
My rent is £525 a month including all bills.
Already paid off my car insurance and tax and prob spend about 150-200 a month on petrol, food etc.
Have an OH who is finishing Uni this summer and hopefully will get a £20-25K a year job...very hard-working, clever, good looking (can you tell he's on PH?) but I know jobs are scarce.
Would like to buy somewhere of my/our own in next 12-18 months..any ideas on how much I/we would need for a deposit? Most probably North London (Palmers Green ish) so thinking 1 bedroom flat more than anything, and not in a rough area.
Tbh I'm planning on handing over all the finances to him whenever/if we do move in together (could be another 18 months) but would like some kind of target for saving. At the moment it's £250 a month minimum. Would it be wise to use the savings to get rid of the credit card debt? I only used it to try and boost my credit rating, have never missed a payment or anything like that. (only got it on October 2011)
p.s. I'm 29 and work as a primary school teacher.
Income:
Just under £19K a year before tax, raise to £25K in Sept guaranteed.
I sell about £100-150 worth of stuff on Ebay a month.
Outgoings/debts:
£500 on Barclaycard
Student loan circa £12K- being paid off, only just started earning enough to pay it off in September.
My rent is £525 a month including all bills.
Already paid off my car insurance and tax and prob spend about 150-200 a month on petrol, food etc.
Have an OH who is finishing Uni this summer and hopefully will get a £20-25K a year job...very hard-working, clever, good looking (can you tell he's on PH?) but I know jobs are scarce.
Would like to buy somewhere of my/our own in next 12-18 months..any ideas on how much I/we would need for a deposit? Most probably North London (Palmers Green ish) so thinking 1 bedroom flat more than anything, and not in a rough area.
Tbh I'm planning on handing over all the finances to him whenever/if we do move in together (could be another 18 months) but would like some kind of target for saving. At the moment it's £250 a month minimum. Would it be wise to use the savings to get rid of the credit card debt? I only used it to try and boost my credit rating, have never missed a payment or anything like that. (only got it on October 2011)
p.s. I'm 29 and work as a primary school teacher.
Pay off credit card then use it for food and fuel each month paying it off in full!
Have a good look at govt first buy scheme, which may be appropriate for you if you want a new build.
Otherwise 10% minimum but if you can get 15% then rates are much better
PM me if you want more specific advice.
Have a good look at govt first buy scheme, which may be appropriate for you if you want a new build.
Otherwise 10% minimum but if you can get 15% then rates are much better
PM me if you want more specific advice.
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