Bad credit but want to buy property.

W

Wazzocon

Guest
Hi All,

I know I might sound silly asking this but I have found myself in a lot of personal debt. I have a personal loan of €10K that has 2 years to run a car loan with 2 years left on it standing at a balance of €7k and I have to clear a credit card bill of over €7k.

I am 30 years old and am still living at home. I have a good job which pays €36K a year with a €5k bonus I was hoping to see could I pursue a property in some way i dont want to rent but know that I wont be approved of a mortgage is there anyway someone can advise me what road to take to even improve my chances of a mortgage or is there any schemes local authorities have set up?

Kind regards,

Wazzocon
 
Real simple this one - clear your debts. A money lender these days will laugh at you with debts like that.
Have you 'bad credit' ie, you have fallen into arrears with the loan/card or you interpret owing 14k as bad credit?
Have you saved regularily to show you can put money away?
Do you pay you loan/card on time?

Look at it from the banks point of view - right now you are a risk with large debts.
I would say a big dent needed in the debts before a bank will show you the ropes.
 
Oh my goodness so much debt already and you want to get into even more debt. Luckily for you the days of banks actually giving someone in your situation money is long past. Something seriously wrong with your approach to finances. You need to tackle that first. If you do realy want to tackle that then you can do the money makeover thread. Other posters have managed to do really well by doing that.

Sorry if this sounds harsh.
 
Thanks all so much for your replies , the answers you gave me was what i thought and was nothing harsh about it, is it safe to say that i will never be approved for mortgage
 
Wazzocon, never say never. Work on a budget and cutting back on a few bits. You can use a spending diary to see where your money is going. Work on clearing the debt and then using the money you use to clear the debt start saving.
Get into the habit of saving for things you need to buy rather than buy on credit. Then once debt is clear and you have a bit of savings behind you, you can think again about buying a place.
 
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