First time buyer (Not sure if i put in right place)

Tender_Heart_2

Hi,
I am new to this site so i dont know if i have put this in the right place forgive me if i havent.

Me and my hubby are first time buyers, We have been looking in to getting a mortgage but the problem is we havent got the deposit for it. We have also looked into the part rent/part buy (they do part rent/part buy to help first time buyers who havent got the deposit) but then u still need 4 grand to start with and thats just for the fee's. We have very poor credit rating and already have a loan out so we couldnt even get a loan for the deposit.

Does anyone know how we can go about this as we cant ask family members to help us as they have helped us before and we are spending £600 a month on a 1 bed flat and paying someone elses mortgage when we could be paying our own.

I will be grateful for any help you can give me. Sorry once again if ive put this in the wrong place.

Thanks

superfran_uk

Tender_Heart wrote: »

Hi,
I am new to this site so i dont know if i have put this in the right place forgive me if i havent.

Me and my hubby are first time buyers, We have been looking in to getting a mortgage but the problem is we havent got the deposit for it. We have also looked into the part rent/part buy (they do part rent/part buy to help first time buyers who havent got the deposit) but then u still need 4 grand to start with and thats just for the fee's. We have very poor credit rating and already have a loan out so we couldnt even get a loan for the deposit.

Does anyone know how we can go about this as we cant ask family members to help us as they have helped us before and we are spending £600 a month on a 1 bed flat and paying someone elses mortgage when we could be paying our own.

I will be grateful for any help you can give me. Sorry once again if ive put this in the wrong place.

Thanks

Well the bad news is that on top of the deposit (which you can't get out of, it's 2010 not 2007 so you'd need an absolute minimum of 5% but more usually at least 10%), you will need to pay these fees for any house purchase. If you haven't got the money then it's like anything else - you can't buy a house.

My advice is work on your credit rating as you won't get a mortgage if your finances aren't sound, and save up that deposit plus the 4k+ fees. If you can't do that, you probably can't afford the upkeep on a house.

Harsh but true.

monkeys_bunny

im also sorry to say you dont sound like you have many options. have you been to a mortgage advisor to see what they say?

i do think that you are in the horrid circle and all you can do is scrim and save to get a deposit. could you not rent a cheaper place to help.

sorry and good luck