how can we get a deposit for a house without getting into more debt

aurorasmummy_2

Hi

My husband and i want to get onto the property ladder but have no deposit. How can we get one without getting into more debt we would ask parents but as they paid for our wedding we have exhausted that avenue please help me someone

Cannon_Fodder

Buying a house usually involves "getting into more debt".

Some builders and Govt schemes will defer a portion, perhaps 15% to 30%, but that's just another debt too.

The only way onto the housing ladder without debt, is with cash.

Increase your incomes, cut your expenditure, win the lottery, are your options.

aurorasmummy_2

if we took out another loan would that not hinder our chances of getting a mortgage though as its another monthly outgoing?

getmore4less

SAVE

Anything else involves borrowing the money or paying too much for a place.

aurorasmummy_2

saving is easier said than done when my husband is the only earner as i was made redundant and we have a 4 month old baby didnt realise it would be so hard to get on the ladder

Cannon_Fodder

If things are that tight with a redundancy and new baby, DO NOT commit to new debts.

Sit tight a while and get things under control.

switched_off

You need at least 5% to buy a home in the UK and this usually has to be your own money. If its given to you, make sure that its in your account before you apply.

That said, some lenders dont mind.

beecher2

You need to wait until you are in a position to be able to save money - maybe when you get back into work after the baby's born you'll be in a position to put a large proportion of your wages away. You could post a Statement of Affairs on the Debt Free Wannabe forum to get help with clearing any debts you have at the moment. Cancel Sky, forget holidays etc

dunstonh

saving is easier said than done when my husband is the only earner as i was made redundant and we have a 4 month old baby didnt realise it would be so hard to get on the ladder

If you cant afford to save then how do you expect to afford a mortgage?

TrickyDicky

aurorasmummy wrote: »

saving is easier said than done when my husband is the only earner as i was made redundant and we have a 4 month old baby didnt realise it would be so hard to get on the ladder

Whats wrong with renting? renting means a really nice house thats looked after by the LL. If you cant afford to save you cant afford a mortgage - end of story. Mortgage companies dont like you being in existing debt when you take out a mortgage.

ERICS_MUM

aurorasmummy wrote: »

saving is easier said than done when my husband is the only earner as i was made redundant and we have a 4 month old baby didnt realise it would be so hard to get on the ladder

Please be careful. Buying a property is soooo expensive. Not just the obvious deposit and the monthly repayments, you've got the initial costs of conveyancing, a survey, stamp duty, removal expenses, buying things such as a cooker, fridge etc (if you are moving from a furnished place) etc. When I moved into my first house I had to buy things like curtain rails, toilet roll holder and towel rail, door bell, lawn mower etc etc, all small things but it soon mounted up to hundreds of pounds.

Like another poster said, you need to save, because even once you have the house you will always have expenses or sudden emergencies that will cost, so you need to have a "buffer" in the bank of at least 2/3 months wages just in case....

Please don't think we are all being negative, it's just that most home owners know only too well how much money you actually need for that first step onto the property ladder.

Having said all the above, I do wish you luck and success with whatever you decide to do.

Linda xx