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will i ever get a mortgage

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  • 05-05-2011 3:23pm
    #1
    strewthelvis
    Registered Users Posts: 86 ✭✭


    Hi all,

    ok im a working single mom, i get 35,000 a year. have no savings and i have a presonal loan nearly finished paying off still own 2000 also have credit card debt 3000. I havent used the credit card in a long time but making just about the minimum payments.

    I would love to start building our own home but have no idea how best to get into a position to afford it. I am renting at present and the owner is putting the house one the market. I just want a stable home for my LO


Comments

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    #2
    jamesie1
    Closed Accounts Posts: 15 ✭jamesie1


    <snip> Not likely to get a mortgage on those stats I'm afraid


  • Options
    #3
    Chnandler Bong
    Closed Accounts Posts: 572 ✭✭✭Chnandler Bong


    Sorry to be the barer of bad news OP, but theres not a hope of you getting a mortgage on those figures.

    Have you looked into The Affordable Housing scheme?


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    #4
    AlmightyCushion
    Moderators, Education Moderators, Technology & Internet Moderators Posts: 35,078 Mod ✭✭✭✭AlmightyCushion


    By the sounds of your post you shouldn't even be thinking of a mortgage. You seem to be struggling with the €5,000 debt you have already, a mortgage will just make things worse.


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    #5
    chris85
    Registered Users Posts: 4,502 ✭✭✭chris85


    The fact you have no savings and are struggling to meet the minimum payments on your credit card would show you have very little flexibility in your budget for any unforeseen circumstances come down the line.

    Obviously this doesnt look well in terms of a mortgage application so would work on how you can improve your situation in the medium term before applying.

    Work hard on getting rid of the credit card debt. Maybe get a CU loan to clear it and then get the balance reduce to something low like €500 just for emergencies. You will then be left with a CU loan with a lower rate of interest which you can work on clearing at a steady rate.

    Also work on getting some savings going, even if it is a little to start with it.

    I would recommend joining a CU if you are not part of one as they have useful tools and resources in terms of budgeting and saving and some are getting into home loan business now.

    As said look into the affordable housing scheme. This might be a good option for you. Unfortunately a self build mortgage is even harder to get so building your own house would be difficult.


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    #6
    IpreDictDeatH
    Registered Users Posts: 267 ✭✭IpreDictDeatH


    I think you need to firstly do up a budget and savings plan. Then a plan for how you can get extra cash ( part time job,selling stuff you own). I was in a similar situation to yourself, and i can tell you, it doesnt take long for you to get on top of it and to start building up savings. But what you need is a PLAN. A budget plan, a savings plan and also look at how to make extra cash. Focus on that for now...

    The rest will follow.


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