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
Is this possible?
mollymoo44
Posts: 1 Newbie
Hello! :j
My partner and I are hoping to buy a house in the next year and was wondering how feasible it sounds. We have £9000 saved at the moment and are continuously saving everything we can, my partner finishes uni by May so is starting work in May/June time (he has a job) and will start on around £26000. We're hoping to buy a house around £110,000....which in our area you can get a 2-3 bedroom house for at the moment. Do you think we could move within the next year? We are very, very lucky in that we don't have to pay rent/bills where we are now so all money is going into saving for a house. I wont be working for another year or two (I do work but don't earn a lot) until I finish my qualifications. Any advice for first time buyers would be great also.
Molly
My partner and I are hoping to buy a house in the next year and was wondering how feasible it sounds. We have £9000 saved at the moment and are continuously saving everything we can, my partner finishes uni by May so is starting work in May/June time (he has a job) and will start on around £26000. We're hoping to buy a house around £110,000....which in our area you can get a 2-3 bedroom house for at the moment. Do you think we could move within the next year? We are very, very lucky in that we don't have to pay rent/bills where we are now so all money is going into saving for a house. I wont be working for another year or two (I do work but don't earn a lot) until I finish my qualifications. Any advice for first time buyers would be great also.
Molly
0
Comments
-
Hi :hello:
To get a half decent rate you'd need at least a 15% deposit; £16,500. You currently have £9,000 so you have a £7,500 shortfall. If you are able to save £625 a month, you could have your deposit within the year. But... you need to factor in things like product arrangement fees, furniture, etc.
Also as a first time buyer you should check that you have a credit history (mobile bill, credit card, etc) because ironically not having any debt is actually harmful to you
You also need to double check your multipliers. With your partner being the only earner, it might be tight.Don't worry about typing out my username - Call me COMP(Unless you know my real name - in which case, feel free to use that just to confuse people!)0 -
clearing_out_my_pockets wrote: »Hi :hello:
To get a half decent rate you'd need at least a 15% deposit; £16,500. You currently have £9,000 so you have a £7,500 shortfall. If you are able to save £625 a month, you could have your deposit within the year. But... you need to factor in things like product arrangement fees, furniture, etc.
Also as a first time buyer you should check that you have a credit history (mobile bill, credit card, etc) because ironically not having any debt is actually harmful to you
You also need to double check your multipliers. With your partner being the only earner, it might be tight.
Not sure how many lenders still work on multipliers rather than 'affordability' but with no other credit commitments they should have little problem getting a loan of that size.0 -
Not sure how many lenders still work on multipliers rather than 'affordability' but with no other credit commitments they should have little problem getting a loan of that size.
I stand corrected.
Don't worry about typing out my username - Call me COMP(Unless you know my real name - in which case, feel free to use that just to confuse people!)0 -
In the present falling market you may be going "where angels fear to tread"................................I have put my clock back....... Kcolc ym0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.4K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.3K Work, Benefits & Business
- 604K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards