1st time buyer

madge7

Hi

Hoping someone can offer me a bit of advice on here - currently renting a room but have decided to move back to my parents for approx 18 mths to save money and hopefully buy somewhere of my own after that time. The general feeling I get is that 18 mths will be a good time to buy? As a first time buyer will it be easier for me to get a mortgage (will have a decent deposit) by then? As I know now mortgages are difficult to get. I will be buying alone.

Would appreciate any advice,
Thanks
Madge

~Beanie~

Mortgages shouldn't be difficult to get if you have a squeaky clean credit record and a sizeable deposit.

Nobody knows what the market will be like in 18 months but you will obviously have saved more by then and the bigger deposit you have, the better.

So I reckon that 18 months living with parents and saving is a very good idea!

madge7

thank you - quite how i will survive living with the parents is another matter, especially as they have put the rent up considerably since i lived there. but i figure it's easily half of what i am paying now, if not less. so i just need to save save save!!

downs523

me and my partner are currently saving for a deposit, she lives with her parents (for 40 quid a month!!! winner) and im in the army till next year july (60 a month rent) so were able to save massivly until then. good idea to save as much as possible.

madge7

well my mum has just told me £150 a month, i paid £70 when i was at home before! i guess its not so bad, after rent and food i pay more than double that.

but £40 a month is soooo good!!!

wymondham

madge7 wrote: »

Hi

Hoping someone can offer me a bit of advice on here - currently renting a room but have decided to move back to my parents for approx 18 mths to save money and hopefully buy somewhere of my own after that time. The general feeling I get is that 18 mths will be a good time to buy? As a first time buyer will it be easier for me to get a mortgage (will have a decent deposit) by then? As I know now mortgages are difficult to get. I will be buying alone.

Would appreciate any advice,
Thanks
Madge

Excellent, sensible plan considering the current conditions .... you'll be a winner in this if you save for a good deposit and keep your credit history clean. 18 months could time it perfectly!

Nice change to see a sensible 1st time buyer....

herbiesjp

Do you have a purchase price in mind?

With anything you do - if you do not set yourself a goal, you will not know what you are aiming for, which makes it difficult to achieve things

Set yourself a goal of a 10% deposit - so if purchase price is £100k aim to save £10k.

Break that down into small chunks, on what you can save weekly (daily even) and try and stick to it. Cut back on non essentials - going out may become a thing of the past, but then think of the parties you could have in your own place once you have it!

Good luck and well done for planning ahead like this

madge7

thanks for the encouraging words from everyone! i am hoping to purchase a property in the region of 120k, there are some nice 1 bed flats in my area at the moment going for that price so i am optimistic.

i am very lucky to have some money to put down as a deposit already (around 12k) so what i need to save for is fees, furniture etc. i want to be able to buy all the things i want for my new home without having to cut back when the time comes. i am also banking on being on a higher salary in 18 months as whilst i would get a mortgage on my current salary, it wouldnt be ideal on a monthly basis.

i am aiming to save around 8k. and once i move back home i am opening up an isa and my mum is going to keep the book so i cant take any money out - i need the discipline!! i am going to allow myself to join the gym (council run so its cheap) so at least i can get out the house if i am not going out socialising all the time!!

wish me luck!!

wish me luck!!

wymondham

madge7 wrote: »

thanks for the encouraging words from everyone! i am hoping to purchase a property in the region of 120k, there are some nice 1 bed flats in my area at the moment going for that price so i am optimistic.

i am very lucky to have some money to put down as a deposit already (around 12k) so what i need to save for is fees, furniture etc. i want to be able to buy all the things i want for my new home without having to cut back when the time comes. i am also banking on being on a higher salary in 18 months as whilst i would get a mortgage on my current salary, it wouldnt be ideal on a monthly basis.

i am aiming to save around 8k. and once i move back home i am opening up an isa and my mum is going to keep the book so i cant take any money out - i need the discipline!! i am going to allow myself to join the gym (council run so its cheap) so at least i can get out the house if i am not going out socialising all the time!!

wish me luck!!

wish me luck!!

Wow! - you have changed my view on the first time buyer!! - it's great you see what is happening in the market - realise now is a silly time to buy, and best of all no mention of silly schemes to help you buy!!

I hearby wish you all the luck, although you won't need it as it's an excellent plan!

lynzpower

Maybe someone will be able to tell you if 8k would be enough to get a mortgage with, on a 120k place.

Do you have stuff to sell now you are moving back home, furniture etc. that could help add to the pot.

madge7

lynzpower wrote: »

Maybe someone will be able to tell you if 8k would be enough to get a mortgage with, on a 120k place.

Do you have stuff to sell now you are moving back home, furniture etc. that could help add to the pot.

I have approx 12k deposit, and am hoping to save 8k for things I will have to pay out for in the process of buying and (some) furniture. So if anyone can tell me if thats a sensible amount that would be good.

I dont have anything to sell, in fact I think I want to keep it all (somewhere!) as I think I'll be grateful for some furniture when I buy my own place.