First Time Buyer Advice

Lost_Prophet

I have a feeling that I know what the answer to this is, but I am really struggling to come to terms with my situation and it is highly annoying...

I have a solid income and have been told by my bank that I can have a mortgage (on my own) of upto £90,000 with repayments that are around £400 per month

I am renting at the moment in a four bedroom house (with three other people), and the cost is £385 (incl. of bills) per month!! I am trying my best to save which I am doing (albeit slowly), as I am managing to put only about £300 a month away which isn't good enough to get £10,000 together (it will take me about 2 1/2 years!!). I am looking to move house, but that will only give me £100 a month extra

Is there any way of getting a mortgage without a deposit although I know 100% mortgages are non-existant?

_Andy_

you'll need to keep saving. As well as the deposit you'll need to think about legal fees, valuation fee, cost of moving, furniture, furnishings, decoration, ongoing maintenance, home improvements and contingency costs.

herbiesjp

Saving is the way to go.

Unless you are fortunate enough to get a gift from friends or family you are just going to have to try and minimise outgoings.

Lost_Prophet

I thought that was the answer. No other way though?

Its just so hard to get my head around why it is so bad renting a place when u can pay the same to buy

Furnishings wont be a problem as wont the legal fees. I can easily scrape together £1000/2000. its the £10000 thats the problem

herbiesjp

This link may help as well

getmore4less

Lost_Prophet wrote: »

I thought that was the answer. No other way though?

Its just so hard to get my head around why it is so bad renting a place when u can pay the same to buy

Furnishings wont be a problem as wont the legal fees. I can easily scrape together £1000/2000. its the £10000 thats the problem

Don't you mean it is the £12000 that is the problem.

HouseHunter2010

Lost_Prophet wrote: »

I have a feeling that I know what the answer to this is, but I am really struggling to come to terms with my situation and it is highly annoying...

I have a solid income and have been told by my bank that I can have a mortgage (on my own) of upto £90,000 with repayments that are around £400 per month

I am renting at the moment in a four bedroom house (with three other people), and the cost is £385 (incl. of bills) per month!! I am trying my best to save which I am doing (albeit slowly), as I am managing to put only about £300 a month away which isn't good enough to get £10,000 together (it will take me about 2 1/2 years!!). I am looking to move house, but that will only give me £100 a month extra

Is there any way of getting a mortgage without a deposit although I know 100% mortgages are non-existant?

Where are you finding a first time buyer mortgage of £90,000, with no deposit, for £400 per month? That's something like 2.5%??? :eek:

Lost_Prophet

The £90,000 based on a £10,000 deposit from myself and then around £400 per month over 30 years I think (I can't remember)

I knew of the FTBI but that still asks for a deposit, albeit 5% instead of 10% in some cases. Any other suggestions

Cheers for the help guys

Also, any ideas on how to make £10,000 in a month