over 100% mortgage

I'm puzzled: there must be more to the OP's financial position than stated. He earns £74k, and has no loan repayments yet he has not saved enough money over the last 5 years even to pay even the legal fees of a house purchase, let alone a 10% deposit.

Perhaps he has some other big drain on his finances and that this would probably put off lenders. Robert

In message , Zoe Brown writes

Quote of the month.

perhaps a "City" lifestyle - Porsche, restaurants, tailor etc etc :-)

Phil

A string of ex-wives?

not at all. His rent is 1600 and a mortage would just cost a few hundred quid more. On his income i suspect he is enjoying his money and so what - he can still get the house if he can get a 100% mortgage which he certainly can from Northern Rock.

Absolutley thanks. Two educations, two sets of debts and who cares. We are now debt free and have the mortgage.

I didn't want to save I wanted to pay the debts. They were prioritised and have since been cleared. Thanks for the advise. I was simply pointing out that a high income does not always allow high savings.

Perhaps he has some other big drain on his finances and that this would probably put off lenders.

who cares, why dont we just stick to answering his question !!!

Robert

I dont get it

"Zoe Brown" wrote

In that case, why weren't the debts the "student-type" which are on very low interest rates, and which actually make it worthwhile paying them as

"Zoe Brown" wrote

Then you are *not* debt-free!

and what about all the other monies that you have to find when you own a house. All those little things that the landlord conveniently does for you when you rent.

I agree with my namesake. Oh his salary if he can't save a few grand to pay the moving costs he's going to be dead stuck when something in his newly bought house breaks and he has to pay for repairs. Nosey or not, the fact that he can't save from this salary is very relevent to the person lending him the money and ought to be enough for them to show him the door.

tim

Because the reason "why" is relevent to the answer

tim

Is that the collective noun?

Some of them were but wanting to pay off debts whilst you have the money is not a bad idea. Pay debts first, save later.

Well I managed to get a mortgage no problem.

"Zoe Brown" wrote

An even better idea is: Instead of paying-off a (low-rate) student loan, stuff the payments into a savings account that pays higher interest than the rate charged on your (low-rate) student loan, and pay off the student loan as *slowly* as possible.

Perhaps, on paper bnut I knew that my income would be decreasing drastically (ie to zero as I have just had a baby) and I wanted to clear them as fast as possible. The difference in interests rates was not significant.

In message , Colum Mylod writes

I think its a court of ex-wives.

The answer is simple. Choice of lifestyle. I earn 30 grand and in the last 4 years I managed to save 15 grand and put that down as deposit but then my lifestyle was very simple. No fancy cars or eating out. Cooked my own food all the time. No pubs and night clubs. No clothes shopping every weekend. So saving is possible. But at the expense of fancy lifestyle.