Advice for a first time buyer

jhs2lq

I'm currently saving towards buying my first house, I'm 26 currently living at home in Leeds and I've set myself a target of buying in 2 years time, my salary is £19.5k before tax and currently have £18k in the bank, £5K of which is in Abbey's first home saver at 5% and will be adding £300 a month. In two years time I believe I will have savings of around £33k.

Could anyone give me advice on whether this is a good plan, what kind of mortgage I should be looking at and any other tips. Thanks.

smcqis

Depends how much you want to spend on your first home? the moe deposit you have the better, generally if you have 25% deposit or above ul get the better deals but you will be able to get a mortgage with 10% deposit provided you have good history

maninthestreet

Best advice is to keep saving as much you can - you can never have too much money.

happybroker

it's worth keeping an eye out for a bargain though, there are some corkers in Leeds and surrounding areas at the moment.

Kez1983

happybroker wrote: »

it's worth keeping an eye out for a bargain though, there are some corkers in Leeds and surrounding areas at the moment.

Hope so happybroker, I am looking for one of these corkers around Leeds at the moment!

happybroker

good luck with it Kez1983, look in the right places and be cheeky with your offers and you should be ok.

jenny_13

happybroker wrote: »

it's worth keeping an eye out for a bargain though, there are some corkers in Leeds and surrounding areas at the moment.

A house we went to see in Leeds dropped £20k over a period of 6 weeks as it was a part exchange and it seems like they wanted to get rid of it asap. The only reason we didn't buy it was it had a tiny kitchen. Another tip is look outside of Leeds as you get alot more for your money.

Good luck and as everyone has said save as much as possible but also keep a bit behind for any unexpected suprises.

Kez1983

Im looking in quite a wide area around Leeds, my only specification is to be near the m62, m1 or a1, so hoping a good buy will be found! Got 10 viewings over tomorrow and Sat so fingers crossed!

woody252506

Kez1983 wrote: »

Im looking in quite a wide area around Leeds, my only specification is to be near the m62, m1 or a1, so hoping a good buy will be found! Got 10 viewings over tomorrow and Sat so fingers crossed!

Have a look round Morley, there are some good houses there for very low prices. A lot are in good areas too.

We were lucky, we bought our house in Morley last year for £100k. 3 bed, front and back gardens, car port in a lovely quiet cul-de-sac. It was a repo.

Only last week we saw one on the next street to us go up for sale, same house in terms of layout and space but with a bedroom less. Its up for sale at £30k more than we paid for ours. It has a nice new bathroom and kitchen and ours desperately needs a new bathroom. However we are still quids in once we get the bathroom newly fitted!:T

happybroker

Kez1983 wrote: »

Im looking in quite a wide area around Leeds, my only specification is to be near the m62, m1 or a1, so hoping a good buy will be found! Got 10 viewings over tomorrow and Sat so fingers crossed!

I know of a repo semi in a very good semi rural east leeds village 2 miles from the M62. I don't work in an estate agency by the way(not their biggest fan either to be fair). Have a look at LS26 on yourmove