Can you tell me who has finally discovered how to predict the future with such confidence because I'd like to talk to them about some bets that I'm planning to lay. Yes - I am being facetious.I work in finance and it is no secret that the property market will slow next October/November and when it does I want to get on it.
If they hide their debts then how do you know!?I deal with First Time Buyers a lot and can safely say that 85% of them hide their loans with the CU when applying.
Sounds dodgy to me - you seem to be banking on (a) house price deflation to get into the market and (b) subsequent house price inflation to ensure that you can rack up some equity quickly and then use this to cover your debts. It doesn't sound to me like you have really faced up to your debt situation and recognised that you need to deal with it and the budgeting/spending habits that lead to it but are looking for some easy way out.Once I buy the house I intend to top up to pay off my debt with the CU a year later as there should be enough in my house to release equity,so rather than pay PL interest rates I can avail of mortgage interest rates and a term of 8/10 years.
By the way. I could approve 350k for myself now but feel that it would be terrible decision
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