1st time buyer wannabe

big_sved

This is my first post on the site, and looking for some advice.

A brief history, I am a 29 yr old with a decent salary in Aberdeen. nfortunately I have spent a fair bit on travelling and had some bad luck over the years which has resulted in me taking out 2 x loans to pay off credit cards. Perhaps I jumped into these but I thought they would help curb my spending and help me save to my ultimate goal which is loan/card free debt and a first time mortgage.

I have a remaining loans of £8K ( Paid back at £440 per month) and £7.3K (Paid back at £330 per month) on top of this I have a personal loan from my parents to pay off a car which has about £4 K left to pay.

My current salary calculates to £46K gross, and I am looking for the quickest way to get on the property ladder. at the current payback the Car will be paid in full Oct 2014, and 8K Loan paid back in Mar 2015 and 7K loan paid back in Aug 2015.

My problem is I am desperate to get onto the property ladder in aberdeen which seems to get worse and worse by the year. I have used a few of the mortgage calculators and even with my debt they advise I can take out a loan of up to £170K however I need the deposit to be able to get the home loan.

Looking for some advise on whether it is better to try and condsolodate the loans and stretch out over a longer period, Ie so instead of paying back over 2 years @£770 per month I could payback £2-300 over 5-6 years allowing me to boost my savings in the meantime. At the moment I have worked out a budget for the next 6-12 months, and I can save no more than £5-600 per month at an absolute push. there fore I would not have a 10% deposit available until 2015-2016 at the earliest. I am currently living at home with parents and am looking for any advice on how to accelerate the possibility of getting onto the property ladder. It is costing around £250 per month on fuel to commute. If I have missed anythign out let me know.

Thanks and appreciate any advice.