First time buyer with £22,000 debt

nick_mcruk

Ok, here's my simple question, just thought I'd throw this out there and see what people think.

I currently have a £22,000 debt. At the current rate of payments, it should be cleared in about 2 years. I have a stable job earning about £30k a year.

At 33yrs old, I'm keen to stop renting and get my own place, so at least my money is going into something.

But, given the current the economy etc, here's my question (s)

1. With my debt, would I even be accepted for any mortage at all? Especially given I couldnt afford a deposit right now.
2. If no to the above, then should I just give up on the idea for a few more years. pay off my debt and spend another 3-5 years to save for a suitable deposit.

Interested in any thoughts!

Thanks

Burridge60

Ambitious but I think a big fat no to the first one.

Come back in 3 to 5 years and ask the question again!

Things are gonna change a lot in that time! What applies now might not apply then.

beecher2

You have no deposit so you wouldn't get a mortgage at the moment even if you have no debt. Pay off debt, then save up a deposit, and keep an eye on your credit file while you do so.

nick_mcruk

I think I knew the answer before I started!

I'm working hard on the debt, will clear off £1200 this month, same next month then about £900/month after that so 2 years and then I'll review the situation and most likely start saving!

Thanks