advice on FTB mortgage

system15000

i'm 26, employed ft, earn £14631 p.a & partner 23, employed ft, earn 13500 p.a.

we have £9000 outstanding on a loan with hsbc and £3800 on a car loan outstanding, we pay £400 per month rent, £268 on the loan and £130 on the car loan

i have 2 defaults on my credit report from a few years ago, one of which will come off this year, they are both settled and my credit rating is ok now as i have a credit card with hsbc.

we are looking for 100% mortagage but something were we can consolodate the above loans into the mortgage so we only have one repayment

any advice?

MortgageMamma

There are a number of ways you can get on the property ladder

as you say - take a mortgage and consolidate your existing debts into it, assuming you have no other adverse and have paid everything on time then this should be possible - but see a broker for advice/affordabilty before doing this, as tustastic rightly says you need to explore the affordabiltiy and its a big commitment

You could consider shared ownership

You could consider the open market homebuy scheme

you could consider the first time buyer initiative

you could just work hard and pay the debts off, and save a deposit, but then you have to consider house prices COULD rise over the period you are saving.

If you speak to a whole of market broker they could work out your max borrowing, both with keeping the individual loans, and also if you consolidate them - that should put you in a position to at least look into what type of property is available to you within your budget