Help us get our 1st mortgage

sugarpants_2

Hi
Well DH and I have been trying get a mortage for 6 yrss.
Heres our SOA
Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 357
Partners monthly income after tax....... 1579
Benefits................................ 180
Other income............................ 0
Total monthly income.................... 2116

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 875
Management charge (leasehold property).. 0
Council tax............................. 130
Electricity............................. 15
Gas..................................... 15
Oil..................................... 0
Water rates............................. 28
Telephone (land line)................... 45
Mobile phone............................ 10
TV Licence.............................. 12
Satellite/Cable TV...................... 20
Internet Services....................... 0
Groceries etc. ......................... 320
Clothing................................ 0
Petrol/diesel........................... 80
Road tax................................ 20
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 10
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 7
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1587

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1000
Other assets............................ 0
Total Assets............................ 1000

No Secured Debt

Unsecured Debts
Description....................Debt......Monthly...APR
barclaycard....................3477.95...100.......22
barclaycard platinum...........477.5.....50........0
mastercard.....................3894......100.......22
TSB loan.......................1200......160.......6.8
littlewoods....................174.1.....10........0
Total unsecured debts..........9223.55...420.......-

Monthly Budget Summary
Total monthly income.................... 2,116
Expenses (including secured debts)....... 1,587
Available for debt repayments........... 529
Monthly UNsecured debt repayments....... 420
Surplus(deficit if negative)............ 109

Personal Balance Sheet Summary
Total assets (things you own)........... 1,000
Total Secured debt...................... -0
Total Unsecured debt.................... -9,223.55
Net Assets.............................. -8,223.55

Created using the SOA calculator at https://www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.

======== Enter any other useful information below ========

e.g. the number of adults & children in the household, the number

of cars included in the SOA or anything else that may be useful.What do we need to do? HEEEELLLP

_Andy_

You need to save, save, save.

You won't get a mortgage at the moment as you don't have a deposit.

tinkerbell84

How can you have a car which doesn't cost anything to insure or maintain?

Premier_2

Concentrate on paying off the higher interest rate loans fastest.

You will need to make at least the minimum repayments on all loans, the you seem to be paying a lot more than that on the 0% Barclaycard Platinum account

_Andy_

£0 for clothing - how does that work?

hethmar

Groceries and land line are VERY high. Can you not reduce those? I have a family and I dont spend that much on groceries. My landline and broadband combined is only £20 a month. Oh and you have sat tv at £20 a month aswell. Can you look into a package that does phone, broadband and tv for less than your landline and tv costs at the moment.

Phirefly

tinkerbell84 wrote: »

How can you have a car which doesn't cost anything to insure or maintain?

Car? What about the maintenance free CHILD??!!

Premier_2

Your £30 p.m. total for gas & electric seems remarkably low - about 1/4 the national average.

Make sure you are not building up a debt that you don't know about (quite common when people are paying monthly by DD)

CLAPTON

it's a good first stab at the SOA but there does seem a lot missed out.

it shows you have a surplus each month of £109 ... in practice do you actually have any surplus at all or are you using credit cards etc. to pay your way.

your housing cost are very high .. rent and council tax are taking half your income .. is it posssible to get cheaper accommodation?

can you or your partner increase income... maybe part time job(s) etc?

and stop using credit cards and store cards otherwise the debts will never go down.

minimike2

£30 on gas and electric seems very unlikey too.

Phirefly

sugarpants wrote: »

DH and I have been trying get a mortage for 6 yrss.

You can gladly have mine... What makes you think having a mortgage is such a holy grail anyway?