Heya everyone. I posted a few days ago about my landlord potentially selling the flat I’ve been in for a while and it’s turned out to be true. I’ve always dealt with the letting agent, but have a call with him tomorrow about maybe buying it off him.
I’m panicking slightly though with the mortgage side of it and whether this is even going to be a reality! I’ve worked out my DTI is 25% and based on a selling price I’ve got in mind, I could put down a 15% mortgage. Ideally though I wanted to clear off credit cards and a personal loan, which would take my DTI to around 5%, but wouldn’t have a deposit until next Feb which would be around 5%.
What’s the best way forward. Pay debts and hope he’s willing to wait, with the risk of losing the opportunity, or put the money towards a deposit and pay them off when I’ve saved back up again?
Thanks for any opinions in advance!