service my debt to obtain mortgage

[maxol]

i need to address my debt problems in order to put myself ina position to secure a mortgage.

i have a lot of stupid, short-term debt that i recklessly obtained while being a grad student. bitterly regret it but there you go

Age: 29
Spouse’s/Partner's age: 33

Annual gross income from employment or profession: 38000
Annual gross income of spouse: 10,400

Type of employment: Project Manager

In general we are
(a) spending more than we earn,

Rough estimate of value of home no mortgage
Amount outstanding on your mortgage:
What interest rate are you paying?

Other borrowings – car loans 17k
personal loan : BOI remaining balance 14k
personal loan: Tesco finance balance 17k
4 CC's between us total bal 18k

Do you pay off your full credit card balance each month? no
If not, what is the balance on your credit card? €18k

Savings and investments: i wish

Do you have a pension scheme? no

Do you own any investment or other property? no

Ages of children: <1

Life insurance: yes

what ways can you suggest to sort these amounts into either one manageble payment per month or some other solution to allow me get into a position to get a mortgage?

i currently pay out 1700 a month roughly on loans.

ps; my dh lost his job. we dont have any childcare costs. (every cloud..!!)

 

[samanthajane]

€1700 a month on loans is a huge amount, I've read some of your other posts and you seem desperate to buy your own place i wish i could wave a magic wand for you and make it happen.

Unfortunatly the blunt truth is that with your loans, and the fact that your husband isn't working and you have no deposit saved you have zero chance of getting a mortgage anytime soon. I really dont want to upset you but you have to face the truth here, you have posted a couple of posts here all about the same thing, everyone has told you it's not possible and still you keep asking......i know you want to here something else and you want that glimmer of hope that someone will give you a mortgage but it's just not going to happen. Going buy some other posts that i have read on here, a couple where both are working and have no other loans are being refused mortgages.

The best thing for you to do is get those loans down as soon as possible, start with the one that has the highest interest rate first. The interest on those loans must be quite alot, depends on the figures and if you could get another loan it could be a good idea to try and get all these loans into one. If you haven't already try and switch your credit card to a 0% offer that would save you alot of money you could pay off something else. I agree with what you said about your car, i dont think it's the best idea to sell it now, do you have a half way get out agreement? That could be an option for you to think about.

On the good side in around 2-3 years time when everything is hopefully back on track, you could be in a position that all your loans are paid off your husband is working again and you have a deposit saved you can go out and get your dream house, it may seem such a long way off but it will come around quicker than what you think it will.

I'm sorry if i sounded a bit harsh earlier it wasn't meant to, but i feel your building yourself up and up and eventually you will crack up with everything, espically the living situation at the moment. It good that you have drive and passion but you need to be realistic at the same time.

 

[Bronte]

Instead of asking how to get a mortgage (more debt) how about concentrating on how to get out of spending most of your income on debt service and onto debt reduction. Can you give us a breakdown of the interest rates you pay on each debt and how you divide up the 1700 payments. Did you purchase anything at all of value, other than the cars with the loans? What is your monthly rent. I think you really need to speak to MABS to get a grip on your situation.