Changes afoot!

BladesLad

Evening all - aint gona beat about the bush, the fantastic advice this board provides is needed..

I currently am looking at flying the nest, with my other half, and entering the gruesome world of first time buying

Easier said than done, due to a tad of debt that i currently have

This debt, is manageable, in that a decent amount is repayed per month, never missed a single payment, living within my means, doesnt worry me as such etc - but not ideal when attempting to buy a house..

Our joint gross income amounts to a minimum of £36,600 p/a - around £2350 net after tax per month.

I owe £5600 on an egg loan @ 6.9% p/a, paid off @ £250 p/m
and
£3500 to Barclaycard, @ 6.9% p/a for life, paid off @ £150 p/m

Also pay £200 p/m on car finance, with £5200 left @ 2% p/a

We have around £4000 saved deposit wise so far - and are both chomping at the bit to get that first house, saving around £400 p/m.

This, in addition to other things, leaves me with around £350 p/m 'disposable' - happy with this at the moment.

Obviously the million dollar question -but any advice on how we could bring that dream slightly nearer, in terms of switching around debt etc?

Almost agreed a mortgage a few months back with the debt added onto the mortgage - ideal in that we wouldnt have initial credit card/loan debt, but not ideal that it would be repaid over 30 odd years...

The main thing admittedly is affordability - but to lenders, what is more imperative - lower debt with low deposit, or higher debt with higher deposit?

Thanks all:T

beanielou

I think that leders will take any debt owing off the amount they will lend.