First time buyer with no deposit, please help?

maninthestreet

Get saving - forget about a holiday this summer, and probably next summer as well.

Idiophreak

Here I come - a lamb to the slaughter once more

I found myself in a similar position to you last year - me and the gf wanted to move in together, but couldn't afford to rent.

In the end we went through a shared equity scheme on a new build. We were on similar money to you guys and had no problem buying a place at £200k with the builder lending us 25% deposit. We got a pretty decent rate from nationwide as we had a decent deposit and as such, our mortgage payments (albeit over a really long period) are £300/month less than rent on a similar place would have been (2 bed flat, not exactly lavish). The way I view it, if we save that £300/month for the next 10 years (length of the loan), we'll end up with £36k, which only leaves us 14k to actually save "from our pocket". Obviously, the exact numbers vary depending on the value of the place when we sell, yadayadayada...But in any case, we're much better off financially than we would have been in rental.

Whilst I'm not exactly discrediting the "get saving" advice that is inevitable in these threads, I will say it's a little "one size fits all". Some people don't want to spend years apart saving, some people just want to get on the ladder...I have no regrets whatsoever from buying our home this way - would do it again every day of the week.

I'm not saying it's the right thing to do, just putting it out there as an option

I will say, you should clear your debts and save maybe another 5 or 10 grand in any case - pay your fees, furniture etc outright and your first couple of years will be a lot easier...

Tinker21

Well thank you all for your advice. I live just outside of London so the area I live in is not cheap unfortunately. To get a decent place we would need at least 150-160K. If i could spend the next couple of months-years saving I would but my dad is selling his house and going travelling to India in 2 months, so that's an option for me.

Maybe i will have to rent for a while, but again it won't be easy saving paying out for rent anyway.

Again thanks for your comments.

jockosjungle

Will your Dad accept less money and gift you part of the house value as a deposit?