How much do we need?

victoria_smith87

nimo20 wrote: »

My fiance and I are currently going through the saving process of house buying. We would ideally like to purchase a house in or around the £120,000 mark but we're both newbies to all this.

So far we have £6,000. I earn £25,500 and he earns around £20,000. How much should we be looking to save before we approach a broker and seriously start considering looking for our first house?

I know there are numerous charges that come with house buying and woudl like to take these into account on top of our deposit.

Any help would be much appreciated.

We were also considering going to our bank to get an idea of how much we could borrow but I believe this could be detrimental if they do a credit check???

Thanks x

Hey there,

We've just purchased a house at the 110k mark and we put down a 10% deposit. We are newlyweds living at parents and couldn't go on living there any longer in order to save 25%.

It can be done with 10% though, but like alot of people have said, they will be more picky with your application, we made sure we got rid of ALL debt first and had 999 credit score before we even applied. you just have to think about the solicitor and mortgage fees though. (something i didn't quite think enough about and have had to scrap these last 3 months) so on a 10% on 120k i'd advise ensuring you have saved 15k to cover all your fees and any other nitty gritty fees which may pop their head up.

Just for you to get an idea (put every price will vary) between us we earn 48k and the house was 115k giving us a mortgage of 103,500 and deposit 11,500. Solicitors was £820, mortgage fee £350 and the survey £350. they did have a free survey and a £750 and a £1200 one.

This is all of course talking from my own experience.

Hope it helps x x

poppysarah

As much as possible.

The time you spend saving together will be enlightening.