Do we have any realistic chance when buying a house?

kymbo82

My partner and I would love to buy our own home, we both work and have three children, we are currently renting a Housing association house at a good price for its size, so we have been able to save £2000 in the last 3 mths alone by living on one wage and saving the rest.
My partner has a ccj which is reaching its 6 yr in november. And we wouldnt be looking until after then as we still have plenty of saving to do
House prices in my area for a 3 bed are around £250,00 what would be a realistic amount we'd have to save for a deposit/legal fees and will dp's ccj be an issue? Thanks for any replies

beecher2

Is it £250,000? You'd need at the very least £25,000 for a deposit, plus a few thousand for fees. More importantly you'd need a joint salary of £50,000 - £60,000. Don't know about the CCJ

azazle

Yorkshire bank will offer 95% ltv but not until the ccj is clear.

getmore4less

What rent are you paying?
Does it meet your needs
How does it compare to the sort of place you are looking to buy

Bullfighter

kymbo82 wrote: »

My partner and I would love to buy our own home, we both work and have three children, we are currently renting a Housing association house at a good price for its size, so we have been able to save £2000 in the last 3 mths alone by living on one wage and saving the rest.
My partner has a ccj which is reaching its 6 yr in november. And we wouldnt be looking until after then as we still have plenty of saving to do
House prices in my area for a 3 bed are around £250,00 what would be a realistic amount we'd have to save for a deposit/legal fees and will dp's ccj be an issue? Thanks for any replies

IMHO if you can keep up the saving habit, in a few years you should be able to buy a house with a £20k deposit at a LTV of 75% (ie a 2-3 bed semi for £90k).

That way the CCJ should be history and you will be buying once prices are back to reasonable levels. If prices don't correct then you will probably be priced out forever.

Jim