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Will we ever get on the property ladder???????
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wow 5.5 in shares..You sound like youre doing well
nice to know someone out there renting and saving like us. Its hard work isnt it.SAVING FOR OUR FIRST HOUSE DEPOSIT
15,000 NEEDED /35,000 SAVED SO FAR! :j0 -
StiflersMom wrote: »I think some sort of Shared Ownership option is probably your best bet. It will allow you to keep your hand in the property market, and then buy more or all of the house, if your finances permit at a later stage.
The Social HomeBuy scheme might also work for you.
There is a good explanation of the government help you can get to buy your home here:
http://www.direct.gov.uk/en/HomeAndCommunity/BuyingAndSellingYourHome/HomeBuyingSchemes/DG_4001347
So the solution for the OP in respect of high prices making it difficult to buy is to participate in a government scheme that helps keep prices high?
And how is buying 50% of your first home going to help them upsize? They refer to the "ladder", so one can only assume they hope to move somewhere better.
These government schemes not only often restrict you to poor quality new build properties that will likely fail to appreciate at the same rate as older properties in future, but they only retains the equity on their share, there's often no negotiation on price as the government subsidy allow the developer to set an above real market value, there's numerous restrictions upon selling, and you essentialy pay two thirds of the cost of buying for only half the benefit.
I can't see much of a "ladder" to climb up there.Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0 -
We have decided we are gonna make an appointment to see an advisor at Nationwide to give us an estimate on how much they would lend us if we had 10-12k deposit. Then look at our options.
We will either move into a 2 bed flat/masionette and just have to downsize everything, or shared ownership or move up North and hopefully we can both get jobs up there.
A couple of people have sent me private posts and I want to thank them.Means alot.
Thanks everyone for your useful and thoughtful posts. Its cheered me up a little and hopefully after weve seen an advisor things will be clearer. Will come back and post soon..:DSAVING FOR OUR FIRST HOUSE DEPOSIT
15,000 NEEDED /35,000 SAVED SO FAR! :j0 -
sugarpants wrote: »wow 5.5 in shares..You sound like youre doing well
nice to know someone out there renting and saving like us. Its hard work isnt it.
Just gotta think of it in a positive light. The more you save .... then the smaller the mortgage and the less interest you pay over the life of the mortgage.
you mentioned you are paying 895 for rent you can get a lot cheaper in the reading area i have seen plenty round the 700pcm mark that are 3 beds.Official DFW Nerd number 227
Proud to be dealing with my debts!!!!0 -
Just had a look on shared ownership and you need 3k to cover fees then at leat 5% deposit for your mortgage..So 10k should cover that in Berkshire! LOL
Have just sent off for the forms and info.
Didnt want to do shared ownership but I guess its a way of getting our own home and then buying more and more of the property till its our out right.
Expensive way of doing it but we need to get out of renting!SAVING FOR OUR FIRST HOUSE DEPOSIT
15,000 NEEDED /35,000 SAVED SO FAR! :j0 -
there are talks of properties going down by 50% within 4 years that would be great lolOfficial DFW Nerd number 227
Proud to be dealing with my debts!!!!0 -
We are more the Wokingham borough..3 beds are 900-1k a month here.ridiculous I know, but ppl pay that for them sadly. Very greedy LLs we have here eh? We may try looking for a cheaper place to rent if the Nationwide tell us we cant get much for our current salaries. We could save an extra £100-£200 a month then.:money:misscutiepie1984 wrote: »Just gotta think of it in a positive light. The more you save .... then the smaller the mortgage and the less interest you pay over the life of the mortgage.
you mentioned you are paying 895 for rent you can get a lot cheaper in the reading area i have seen plenty round the 700pcm mark that are 3 beds.SAVING FOR OUR FIRST HOUSE DEPOSIT
15,000 NEEDED /35,000 SAVED SO FAR! :j0 -
http://www.mouseprice.com/property-for-sale/ref-652248
have you ever considered one of these???? much cheaper than a house.Official DFW Nerd number 227
Proud to be dealing with my debts!!!!0 -
for a holiday yes, not for a home.misscutiepie1984 wrote: »http://www.mouseprice.com/property-for-sale/ref-652248
have you ever considered one of these???? much cheaper than a house.SAVING FOR OUR FIRST HOUSE DEPOSIT
15,000 NEEDED /35,000 SAVED SO FAR! :j0 -
Thats what I will go for if i cant stretch to a house straight away. My friend lives in one and she really likes it.Official DFW Nerd number 227
Proud to be dealing with my debts!!!!0
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