Advice for a first time buyer....please

char_student

Me and partner are considering buying our first place. I am really unsure if shared ownership or any of these schemes are the way to go or is it best to buy outright? Where do we start? Thanks!

_Andy_

Do you have a deposit saved up?

jonewer

I assume you have jobs? How are you going to get to work?

Find somewhere that is

1. Affordable
2. Commutable
3. A good place to live

Then look on the internets to see what you could afford in those areas. Visit them, see if you could picture yourself living there.

Bear in mind you will need at least a 10% deposit to get a mortgage, then extra for solicitors, SDLT, surveys, moving etc.

hyweljones71

Following my recent experiences with HA, I would avoid the shared ownership schemes and HA areas. I'm not saying all HA residents are bad, most are probably OK, however, we are in a bad place with some at the moment.

Try to buy outright and check out the area you intend to move to very carefully. You'd be amazed were you find halfway houses and anti social neighbours.

char_student

Thanks

We have £6k so far saved....we live near London but will be moving up North a bit (Prob Bucks). Both work, me only part time for now....but graduated last year so am looking for more hours. Partner works full time. We have an 8 year old child...Think we would rather save bit more then buy outright

Fire_Fox

Do you really mean buying outright (i.e. cash buyer) or do you mean getting a 90% mortgage and 10% cash deposit?

char_student

Fire_Fox wrote: »

Do you really mean buying outright (i.e. cash buyer) or do you mean getting a 90% mortgage and 10% cash deposit?

Yes I mean a deposit and mortgage (sorry meant no shared ownership)

Fire_Fox

Are you eligible for shared ownership? Do you have the salary multiple to get a 90% mortgage on a property the size you want?

jonewer

When considering shared ownership, you need to make sure you arent paying over the odds for the part of the house you're buying.

I have seen ads on rightmove for a 10% share of a newbuild flat for £50k in Thamesmead. Now some would think "wow! 50k for a flat in London!" But at 10% @ 50K you are in effect paying £500,000 pro rata for flats that they are struggling to give away at auction.

Not all examples are this extreme, but you need to be aware of this kind of thing.