Early Mortgage and Deposit Advice

LookingForward_2

Hi

I'm new to this site, so apologies if this question has already been asked and I haven't been able to locate it.

My boyfriend and I are planning on buying our own home, however we still have a small amount of debt and hardly any savings between us. We are aiming to have the debt completely cleared by the end of the year and then the real saving starts!

Once we are in a debt-free position, I'd like to have a chat with someone to get some advice on what our next steps are, as in how much deposit will we have to save for?, how much would we be able to borrow?, what is the best way for us to get on the property ladder?, etc.

Do you know if you can use Mortgage Brokers for this type of thing, as we will not be in a position to buy there and then but would like to know we're on the right road to get there? We both know this will be more of a long-term goal but want to make sure we're attacking it in the right way?

Thanks guys! :T

Cannon_Fodder

You will need 10% of whatever the prices are in your area...

Happy saving!

LookingForward_2

Thanks! Only 10%? I thought from reading other threads here that we'd need a lot more than that to get a decent rate? I appreciate it will be 2-3 years until we get to the actual buying stage and I guess/hope the banks situation will have changed by then and more realistic mortgages will be available?

Conrad

I don't mean to be discurteous, but surely it's common sense what you need to do now? Save, end of. People knew this 50 years ago, that you save as much as you can before you buy.

The only other item to concern yourselves with is to ensure you pay everything on time in full and remain on the electoral register, don't flit from job to job or address.

Conrad

Ok you say it will be 2 or 3 years before you buy, so all you need to focus on is how much you can save and then see what you end up with in 2 or 3 years. No?

cos69

LookingForward wrote: »

..... I appreciate it will be 2-3 years until we get to the actual buying stage and I guess/hope the banks situation will have changed by then and more realistic mortgages will be available?

Lets all hope "more realistic mortgages" never ever become available again

As already said, save as much as you can. Keep an eye on the property market, when the indications are there that it has turned up - buy. Could be one year, could be 3 years

LookingForward_2

Sorry guys, I was getting confused with the save and buy in full later option, or take up one of the Homebuy schemes to get our own home now. We're doing the saving thing but with the other options available, it just puts other questions in your mind. Thanks for your responses. :embarasse