Your advice is needed - complete newbie, stuck in a dead end!

geoffky

do not fall for the shared equity con...its the worst thing you can do..

huntersc

I'm not sure what advice you need. It's obvious isn't it? Pay back the debt, credit card first if it's at a higher interest rate, then the loan, then save for 10 years, then buy a house.

If you're lucky you might get a decent payrise/win the lottery/come into money some other way and you'll be able to pay off the debts a little quicker.

It seems that your debt runs for around the next 5 years at which you'll have paid off £18k. Save for another 5 years after that at the same level as you were paying off the debt, £18k and you have a nice little deposit for a flat somewhere.

That will make you 34 which isn't far off from the average age of a first time house owner. Relax, you have time. There's no magic answer here, pay the debt, save, go from there.

huntersc

hethmar wrote: »

Of course it isnt! You say you have over £1k a month spare at the moment - start saving that regularly, cut down your outgoings - stay in more, buy less, look at cheaper properties (the prices are still falling and are likely to for the next year) and work towards it. Dont be tempted into one of the shared purchase deals though. Are the parents likely to pass you some money towards a deposit if they see your efforts at saving?

Dude, he has £20k + of debt. It's not just a question of saving £11k for a deposit! You forgot that massive debt didn't you? I'm sure the bank would be more than happy to lend him £100k+ with a 10% deposit and £22k of debt

MajicMOLE

Was kinda hoping to be on the ladder before i was 34 though!

I would never go for one of them shared homeowner things, iv heard things bout them before

Kez100

The ladder is a snake at the moment, mate.

What you want is not necessarily what you can have.

You chose to overspend as a youngster. You only have so much income and it can only go so far. Car and Credit Cards means no spare income for deposit/savings. Unfortunately you live with that early decision. However, to look on the bright side - if you hadn't overspent, you may have jumped on the ladder last year and now be sat watching your home reduce in value at 12% in the last year and more predicted to come.

Errata

You can easily save a fair amount in 12 months if you stop going out, buying clothes, magazines, sweets, fags, treats and do without any holidays. If you can't bear another Christmas with your families - book into a Travelodge for the two days and enjoy each others company.

poppysarah

Pay off the debt. Save for a deposit. Learn from your mistake and take plenty of time before rushing into expensive purchases (car/house)

Have the odd weekend away together if it's that sort of time you need together.

MajicMOLE

thanks for all your help. I'm sorry if im sounding like "i want, i want", i'm not trying to - i am just after other peoples advice, and thats what I am getting, so thankyou. Its a case of save save save, and pay of any silly high interest debts as priority, and re-look at my situation in 12 months

zaphod_beeblebrox_2

Sometimes we all have to make sacrifices

truman_sparks

agree,

Its just your own little downturn which you must sort out by doing the obvious. No shortcuts really, Its probably covered in the "you must pay back what you borrow" section of your loan.

But your not on your own, have a decent income and will come through it, others will not, for that be grateful of your own situation.