I've wanted to buy a new house for a long time, I currently rent in a small ish house (1 bed maisonette) and need more space as I work from home. My rent is also a lot higher than the mortgage would be on the house
I do have some debt though, mostly credit card amounting to £9000- this was used to get me through my masters degree and furniture costs. I earn £36,000 a year but this will go up now I’ve got my masters. It was a requirement for promotion in my field.
I was planning on moving after Christmas as I’ve been repaying my debt off overpayment best I can and should have got it down to around £3000 by then. It’s all interest free.
It’s on for £135,000 and I have a 14,000 deposit that my mum has kept for me. She has only kept this for a deposit and won’t give it for any other purpose. It’s been on for a few months so think it could drop price.
The issue is I’ve found a lovely 2 bed cottage that I really want, but I’m worried about my debt and not being accepted for a mortgage.
Do you think I should go for it or pay off my debts more and find something else?
I’m waiting to hear from a broker but don’t want to go through all my bits and bobs if it’s a bad idea