Best Thing for me

jksymo

Hi All,

OK so this is my situation. i am currently on a graduate scheme. i earn 18000pa with regular pay rises in the first year. starting november ill be on 22,000. my earning potential from then on should go up quite rapidly
i have about 4k saved so far.
i would like to buy my own place as soon as possible as i cant live with my parents forever. and i see renting as a bit of a waste of money.
i want to buy with my girlfriend. she is currently unemployed but due to start a teacher training course where she will earn 15,000pa. and go on to be a primary school teacher.
i have around 2k debt in student overdrafts. which i am going to clear first.
can anyone tell me what my optoins are. staying with my parents is fine untill the end of the year when they will be moving abroard.

What are my options to buy? how much will i have to save to achives these?

also i have been a little stupid inbetween leaving uni and starting my job. i have a couple of things like my phone bill and unauthorised overdraft fees that werent paid for 2 months. will this be an issue on my credit score?

any help will be greatly appreciated.

Robert_Sterling_3

jksymo wrote: »

i have a couple of things like my phone bill and unauthorised overdraft fees that werent paid for 2 months. will this be an issue on my credit score?

yes it will..............................

jksymo

will it affect it in a big way? will i still be able to get mortgages?

Trying_to_be_good

Probably not in the current climate.

Don't think of rent as a waste - it's only the same as the interest you'll pay on a mortgage, plus with a mortgage you have to pay for bulding repairs and insurance etc.

1. Clear up you credit report/score - ideally no negatives.
2. Pay everything on time from now on.
3. Save as much for a deposit (as well as to pay legal fees, arrangement fees, stamp duty etc) - at least 10% of the purchase price as your deposit, ideally more
4. Stay in your job ( and the same for your girlfriend) so you have some employment history behind you.

Buying a house is a big commitment - read some of the horror stories on here of people who have over-stretched their borrowing, or their relationship has broken down and neither can afford the house on their own, and understand the benefits of renting for a while before committing to a mortgage.

Good luck!