Any first time buyer schemes out there still in existance?

OMAR

Earn reasonable wages...around 35k....and need to move out asap.....like in next 6-12 months.....when i will be debt free but have no deposit....

OMAR

looking for ones without deposit prefer

_Andy_

You only posted the original c.45 mins ago, have some patience.

OMAR

okies okies.....

Happy_Hannah

My partner and I are in pretty much exactly the same situation, we are earning approximately £35k between us and would like to buy a house but cant save up a deposit because after our rent and bills there isn't much left to save, especially while we pay off our debts (going very well and should be done in about 8 months). We appreciate that saving up for a mortgage is the wisest idea but would like to know what our options are. There is such a wealth of information out there it is a little overwhelming. I have had a look at mortgage advice on MSE but it is still all a bit scary so any pointers would be greatly appreciated.

Thanks you all you Money Saving Genuis'

beecher

Save save save is the only advice I can think of to give. Go to Debt Free Wannabee threads for help on how to cut back - cancel Sky, gym, don't go on holiday, sell the car. Get rid of all debts, build up your credit file and your deposit. Rent in the meantime. Hopefully house prices will continue to fall in the meantime.

iscrimger

I agree. If that is salary for yourself then really you're not eligible for the first time buyer shared equity deals... and 100% mortgages are pretty much non-existent unless you already have a mortgage.

Save for a while is your best bet. With that salary it shouldn't take long to build up a deposit. I think lenders are looking for around 5-10% minimum deposit!

OMAR

y wont i be eligible

beecher

OMAR wrote: »

y wont i be eligible

I think your salary is too high - certainly the schemes I've seen here are for low income households. On that wage you should be able to save quite a lot if you cut back elsewhere. £1000 a month saved would give you a 10% deposit on a £120,000 house in a year.

iscrimger

The schemes are generally aimed at people with a sole salary of no more than £19-20k or a combined income of £30-35k I believe.

As you are saying your salary is £35k for yourself this is by far an above average salary and you really shouldn't have any problems saving... unless your currently renting a luxury penthouse for some unearthly sum every month!

I don't even earn half of what you're earning a month and I only just got into one of these schemes!

OMAR

grrrr ok then