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Totally clueless!
joa05jr
Posts: 10 Forumite
Hi all,
Just want a few tips on house-buying really as I know nothing. I'm fully aware i'm not going to be able to buy for a good few years - i'm only 22 and am starting my first 'proper' job on Monday having graduated this year. I'm moving out from my parents home on Saturday and am renting in a shared house. I've drawn up a budget which includes some savings (granted not very much) which will go into the pot with my other savings. I'm going to be living in London but am planning on moving north in a year or two due to cost of living etc.
All I want to know really is what sort of figure is needed for a deposit, someone once told me 10%, but i've seen so many figures on here that i'm now not sure!!
Thanks for any clues!
Just want a few tips on house-buying really as I know nothing. I'm fully aware i'm not going to be able to buy for a good few years - i'm only 22 and am starting my first 'proper' job on Monday having graduated this year. I'm moving out from my parents home on Saturday and am renting in a shared house. I've drawn up a budget which includes some savings (granted not very much) which will go into the pot with my other savings. I'm going to be living in London but am planning on moving north in a year or two due to cost of living etc.
All I want to know really is what sort of figure is needed for a deposit, someone once told me 10%, but i've seen so many figures on here that i'm now not sure!!
Thanks for any clues!
0
Comments
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Go and speak to a mortgage advisor even though you're not planning to buy for a fair few years. Meeting up with him/her will give you an idea of how the process is, how much you're looking for and the further discussion you'll have with him will make you ask many more questions to yourself and the answers will help you in the future.
I was asked to do the same but didn't do it until I was ready to buy but if I'd done that a few years before I would've been wiser coming up to one of the biggest purchases I made in life.0 -
You should save and save and save.
And work hard and have some fun.
I wouldn't worry about a mortgage for a few years yet.
You should aim to have 10% deposit - but for an average house that's about 17k.0 -
Dont Go Near A Mortgage Adviser For A Few Years..they Might Want To Sell Some Snakeskin Oil..and Save And Enjoy Life.. Why Go Near One If The Interest Rates Are Unknown?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.0
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