What do I need to do to buy a first home

Basically my situation is this Im in a full time job earning 30k there is a possibilty I could go on shift which would raise it to 37k but assume im on 30k for this.

I am currently paying back a loan of 10k plus interest since last october at 315 per month I have missed a few repayments but everything is in order now I am also maxed out on a 2500 credit card and my over draft of 1000 is all used up so when I get payed every 2 weeks i am more or less just topping that up I also have no savings the premises I am looking at are 1 or 2 bedroom houses and appartments and the prices of 2 I have seen already are 130k and 140k.

Re: What do I need to be do to buy a first home

Do you currently rent or live at home and would you intend to buy on your own?

I would be worried about your ability to repay a mortgage if you have a permanent overdraft, €2.5K credit card bill and have missed loan payments.

Re: What do I need to be do to buy a first home

You have no savings and you would need a deposit of anywhere between 10k and 20k.
You currently maxed out will loans and overdrafts, so that will count you out.
You have defaulted on loan payments so that will count you out also.
Why do you want to take out a mortgage when you have so much debt?

If you clear the loan, overdraft, credit cards and save a good sized deposit you should get a mortgage for the amount your asking.

Thanks for your replys would it not be possible to add the loan to the mortage?

jakearmitage said:

would it not be possible to add the loan to the mortage?

Click to expand...

No ..
What you are looking to do is take out a 100%+ mortgage which is not possible nor advisable.
you will get about 92% mortgage these days and as low as 80% in the case of apartments I believe