The number one reason dogs pee on your bed is the exact same reason they chew your dirty underwear and socks…it smells like you. But do a deep dive into why you have debt and how you’re planning to deal with it, from student loans to credit card charges. Conventional wisdom used to say that buying a house was a financial no-brainer. From getting turned down for loans to losing out on job opportunities, a not-so-great credit report will definitely hold you back.
Almost everyone who buys a home will borrow money from a bank / credit union / building society or a finance company. For example, if you have an exceptional credit score but a high debt-to-income ratio, you might get denied. You need to have had the LISA open for at least 12 months to get the bonus cash for your first home.
While it’s okay to have some debt, if it’s a significant enough amount, it could hinder your ability to buy a house at all. There are also the costs of buying a new car, or a family situation could change. If you have significant credit card debt or other financial obligations like alimony or even an expensive hobby, then you may need to set your sights lower.
Their inspection will help expose potential problems that could cause you a lot of grief and a ton of money down the road. When you apply for a mortgage, you’ll be asked about everything you owe — from car and student loans to credit card debt. Once you have a clear picture on how much you can afford, and the actual costs of buying a home, your job as a home buyer becomes much easier.
The final decision of who to sell to is usually based on the value of the offers and the circumstances of the buyers (whether they are cash buyers, chain-free). Sellers who choose to go to auction usually do so because there is something unique about their property, or when they feel that the market conditions will give them a better price.