u/lancededcena

TO CLARIFY BECAUSE SOME PEOPLE MISREAD THIS:

I’m looking for an action plan and advice.

I am well aware I am not in a situation for a mortgage right now, especially with debts I need to clear up and no work history for my partner.

Also : I am not looking for £250k (this is a theoretical maximum via calculator and our actual budget is £180k-220k)

Hello everyone,

Me and my partner is planning to buy a house in Essex after living in our parents wing for quite a long time in the same place - I’m 24 and he’s 22.

My income is permanent zero hour with really varied income - I get paid weekly and it is not consistent, I have been doing this since December 2022. My last P60 shows that I’ve earned £24,300.

I spend most of (like 80 percent) of my salary paying off CC debit as I splurged out on a lot on stuff and holidays before I met him, at the time buying a house was not realistic at all in my area so I wasn’t thinking about it and since I’d might as well enjoy life in my early 20s. I managed to demolish that credit to ~£1500 within a year and I am on track to completely wipe it out by the end of the year (however I spend £400 on normal credit cards for cash back.) I always use 0% cards and finance schemes and for my non 0% (I.e my normal cards) I always pay in full (being paid weekly means I pay weekly amounts to all my credit accounts)

My partners income is well not yet established, good news is that he started a new job at the NHS in what is a permanent position getting Band 2 rates (currently £25,272), however he only started that job this month, he was long term unemployed for 6 months before that. He also receives PIP from the government as he is deaf. He has no credit cards or anything like that at all.

We currently have £11k in savings, of course we will want to grow that amount and once I cleared off my debts then I want to maximise saving instead of spending! Living with parents makes our situation a lot easier and saving a lot more faster and we’re fortunate to be in that position. We have looked in several mortgage calculators and with £15k deposit and our combined incomes we can afford a house that is up to £250k-£260k which is quite reasonable for our area (we are not interested in flats or any cluster housing at all (terraced, semi detached etc. is what we’re interested in))

What advice if any is anyone able to give, also is it still way too early to speak to a broker or even take this seriously, of course my partners job history is going to be a problem and we want to save up more as well, if someone is able to give a timeframe or general advice that is very much appreciated! Thanks!

EDIT- Yes I am 100 percent aware that I’m not ready for a mortgage NOW. I never said that, I am looking for an action plan - I want to clear my debts and my partner to have work history. I am just looking if it is worth speaking to an advisor and if there is any goals in mind. Of course I’m not going to apply for a mortgage with debt!