First Time Buyer advice

Rakaposhi

Hello,
I am 38 years old and for the first time in my life I am really trying to work out how I can get a mortgage. I would appreciate some opinions on my options please.

Some Facts

Applicants : Just me
Income : 42,500 Gross
Debts : 4100 CC, 740 overdraft (750 limit)
Rent : 850pm
Savings: 0

I have around £750 per month 'spare' after I have paid everything I must (including 110 towards the CC). Some of that 750 will get spent on stuff that isnt in my budget like clothing or social stuff.

I have 3 defaults on my credit report. The first default is dated May 2006. The other 2 are Feb 2007 and Sept 2007 (the CC debt I still have). The first 2 defaults have now been paid off in full.

My instincts have been telling me that paying 850pm rent is a fools game when I could be paying an 850 - 1000 pm mortgage. I have been reading a lot on how I could possibly get a mortgage in the next 12 months. Ideally Id love to do this but it looks impossible.

Is my only sensible option to pay off the overdraft ( my current top priority) then clear the Credit Card, and then save at least a 5% deposit?

I dont like the 'sensible' option for 2 reasons

I will be over 40 by the time I apply for the mortgage and will not be able to get a 25 year mortgage

I dont like 'wasting' money on rent anymore.

Do I just need to face facts and lie in the bed I have made for myself?

ACG

A mortgage of £160k is achievable, but you will need a minimum 10% deposit.

You can get a mortgage on a 25 year term if you wish, the state retirement age will be 67 anyway.

Rakaposhi

Thanks.

I have been looking into the government FirstBuy and NewBuy schemes and was wondering if I should try and get involved with them? I have seen them negatively referred to on here, but never understood whats so awful about them.

If they will let me get involved with a 5% deposit, then it means I can get things moving more quickly. Is it just a case that the extra interest I pay will just make it a bad deal long term?