FTB Looking for deals

Phunky

Hey, my partner and I have been renting together for 4+ years and we are finally fed up of waiting for the market to settle - we want to settle in our own house and finally be able to make it OUR home.

I've been trying to scout the current deals for FTB but if im honest it all means nothing to me, i plan on going to see a few people this weekend and the main ones being Yorkshire Bank due to there FTB deal which includes a loan on top of the mortgage which i'm guessing is used for the deposit for couple that don't quite have that. Which is what we could do with!

My partner and I have good salaries and have a joint income of just over £54k a year we both also have debts from our younger days but they are well under control now and have had good strong regular payments for the last 3 years, but do total up to around £400/500 each in payments.

I know most people will say "Save 10/15/20%!" but the only problem is that we are already saving for a wedding at the same time - so the idea of a load to help with the deposit does sound ideal but of course it wont be if we end up having to pay back 2x the loan!

Is there any other alternatives in reguards to deposits? Could my Father put part of his equity in his house up as a deposit or is that not possible?

Many thanks in advance.

Robert_Sterling_3

You are both in debt.
You are saving up for a wedding.
You want to buy a house.

You need to sort out your priorities

All three does not look too promising.

In the olden days the wife to be's father paid for the wedding ...
... but that was then and this is now.

The next person to post might be more optimistic and helpful.

The very best of luck anyway.

Phunky

I've been adamant for the last couple of years to get rid of my debt first and that is still the plan - but i don't see why that should stop us from looking around and getting things started.

It may take us another year before we find the right house, but i would like to start things off now and see whats out there.

beecher

I think you should tackle your debt first, save up at least a 10% deposit and then start looking. What happens if you find your 'dream' house next month - you won't be able to start buying it. By all means install property bee and keep an eye on the local market, but you need to sort out your finances first. From all accounts, 90% mortgages are only available to people with excellent credit at the moment, and there are no 100% mortgages out there.