First-Time Buyer Mortgage

fantasy7585

Hi guys new on this just looking for advice on applying for a small mortgage and what yous think my chances would be? Im looking for approx 60k - 80k

I am 30 single no dependents.
Full Time employment as Maintainence/Caretaker last 6 year
Gross 30000 k.

Currently renting at 130 per week by standing order the last year.
Saving 80.00 per week standing order
Total Savings 12000 k
Icb Report perfect nice little tics all the way

Financial Commitments

Car Finance 298 per month 3 year remaining
Credit Card 1700
Arrange overdraft 400 which very rarely goes in to 100-150 and salary paid every week so is always in the green.

Would i be in anyway suitable,again im only looking for 60,000 - 80,000

Thanks all replies much apprieciated

CBFi

I think you should be but my advice would be that you need to get spending in line. Clear your credit card-this will be a major red flag. Also get rid of overdraft and manage your spending - they will check your accounts.

Best of luck!

fantasy7585

Thanks for you reply and advice why do u think the card would red flag it see for me to clear the card i would have to dip into savings that i have for my deposit.

Goat the dote

The interest you'd save alone would be worth clearing the credit card

fantasy7585

Yeah thats a fair point,
I went into my local branch they didn t see it being an issue as long as id no missed payments but then again thats them its head office that decide,
Normally my min payment is 50.00 per month but i also pay 20 extra per week since feb.

TheDriver

You are wasting a savage amount on interest servicing those loans/cards

edanto

As the people above have said you should immediately use your savings to clear your debts. Sure, your savings will take a little hit, but then with the interest you are saving on the credit card (in particular), your savings will grow much faster.

Banks make it very easy to only make the minimum payment on the credit card and the reason for that is because of the shocking amount of interest charged on credit card balances. The 1700 on the credit card probably costs you about €350 per year; almost 5 months savings.

Congrats on saving 12k, you've clearly been sacrificing a lot to put that much away.

If I were you, I'd consider looking for a new job if suitable. 6 years in one place; you'll never get the same salary increase in the same job that you might with a job move. The jobs market was very different in 2009. With the experience and good references you'll have, you could be looking at a salary jump to 35k, which obviously frees up a lot more for savings.

fantasy7585

TheDriver wrote: »

You are wasting a savage amount on interest servicing those loans/cards

Yeah well the car is on a fixed rate permanently its 1200.00 inthrest over the term.

The card well thats a nuesence.

fantasy7585

Oh im with the same company 6 years but my job discription has changed twice along with my salary has gone up so ifs possible that could happen af any stage plus its on my doorstep no travel expenses etc.