We’d like to remind Forumites to please avoid political debate on the Forum.

This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide

Would-be FTB needs advice...

2»

Comments

  • SquatNow
    SquatNow Posts: 2,285 Forumite
    RENT!

    :confused:
    Bankruptcy isn't the worst that can happen to you. The worst that can happen is your forced to live the rest of your life in abject poverty trying to repay the debts.
  • Meatballs
    Meatballs Posts: 587 Forumite
    Part of the Furniture 500 Posts Name Dropper Combo Breaker
    If I was saving £500pcm by living with my parents I wouldn't move out :D

    If you want some privacy for a relationship make sure she has her own place.

    Alternatively 500 buys a few nights in a hotel :o
  • hostman
    hostman Posts: 377 Forumite
    To buy a property on a wage of £17k is going to be difficult, if not impossible, unless the mortgage LTV was very small and therefore smaller monthly payments.

    I wouldn't bother with shared ownership schemes. They are very expensive if you sit down and do the maths.

    If your parents guarantor the mortgage, it means if you default, the lender will seek repayment from your parents, they don't usually contribute anything to the mortgage on a day to day basis, unless you default. I wouldn't be too happy about this myself, as I like to do things on my own without relying on parents help too much (although I too live at home, which has allowed me to save and I'm in the process of buying now, age 22, joint mortgage with my OH).

    Get yourself a GF and buy together. Or rent share a house / flat. If I was in London I'd be doing that. You don't buy in London unless you're wealthy or wanting to start a family.
  • lonestar1
    lonestar1 Posts: 560 Forumite
    Do you pay your parents anything for rent ? If not then the sum of your currently untapped disposable income is only 500 thats not a lot to pay for food and all the expneses of running a house i.e council tax, fuel bills,water, insurance and general maintenenace you'll also need a tv licence if you watch tv and thats before we even look into how much payments towards the mortgage would cost
  • geoffky
    geoffky Posts: 6,835 Forumite
    go out have fun until your wages rise...and save
    It is nice to see the value of your house going up'' Why ?
    Unless you are planning to sell up and not live anywhere, I can;t see the advantage.
    If you are planning to upsize the new house will cost more.
    If you are planning to downsize your new house will cost more than it should
    If you are trying to buy your first house its almost impossible.
  • wymondham
    wymondham Posts: 6,356 Forumite
    Part of the Furniture 1,000 Posts Photogenic Mortgage-free Glee!
    ftbmartin wrote: »
    Housesharing it is then! Lol - thanks for all your help :)

    wow, a FTB poster that seems to have asked with an open mind, most FTB's seem to already have the answer they want before they post the question...

    Top Banana!!
  • chewmylegoff
    chewmylegoff Posts: 11,469 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    ftbmartin wrote: »
    London...I earn a paltry £17k (rising to £19k soon)...I personally have about £22k in savings...I also have a £13k student loan

    those are the relevant facts.

    you aren't a potential first time buyer, you don't have the money, don't kid yourself. you need to rent. rent in a shared house and have a laugh. climb up the career ladder and nurse your savings as best you can, when you have more purchasing power then you'll be a prospective first time buyer.

    no one in your position can afford to buy in london.
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 354.3K Banking & Borrowing
  • 254.4K Reduce Debt & Boost Income
  • 455.4K Spending & Discounts
  • 247.2K Work, Benefits & Business
  • 603.9K Mortgages, Homes & Bills
  • 178.4K Life & Family
  • 261.4K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.7K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.
Update Your Picture