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Buying a house
Options
Pressleyno1
Posts: 174 Forumite
I'm 19, and currently living with parents. I'm pretty sick of it and want to move out. I'm in an apprentice spark, so wages in 2nd year just now are £12000 a year. This goes up every year.
I think I want a mortgage, so I can get my own place. But don't know if I'd get it. Or how much I'd be looking for really.
The other option is to rent, but I don't know If I'd want to wastemoney renting when It could be spent on a mortgage.
HELP NEEDED !!!
I think I want a mortgage, so I can get my own place. But don't know if I'd get it. Or how much I'd be looking for really.
The other option is to rent, but I don't know If I'd want to wastemoney renting when It could be spent on a mortgage.
HELP NEEDED !!!
Feb 06 *****Highest Debt*****
Credit card - £800 in the red // Overdraft - £750 in the red // Loan - £2000 in the red
*****Current Debt*****
Credit card - GONE ! // Overdraft - GONE ! // Loan - GONE ! // Savings (Oct 12) - £6.5K+ :money:
Credit card - £800 in the red // Overdraft - £750 in the red // Loan - £2000 in the red
*****Current Debt*****
Credit card - GONE ! // Overdraft - GONE ! // Loan - GONE ! // Savings (Oct 12) - £6.5K+ :money:
0
Comments
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With £12k a year income you are not going to get much of a mortgage. Also I don't think you would have much affordibility after paying bills etc. Realistically borrowing above £35k you would struggle in terms of what you can spend out each month.
So unfortunately I don't think you are in a position to buy a house....sorry as there are very few houses around for say £40k!0 -
theres a couple within 10 miles of him for under £40k according to rightmove...:)0
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Usually you can borrow 3x your salary.
The first step is probably approach your own bank and see if you can get a mortgage - once you know that you can you can shop around for the best deal.
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Yah 4 sure 4 sure. Think I'm gonna hve 2 wait for a few more years like. Might have to look at renting with a few others maybe.Feb 06 *****Highest Debt*****
Credit card - £800 in the red // Overdraft - £750 in the red // Loan - £2000 in the red
*****Current Debt*****
Credit card - GONE ! // Overdraft - GONE ! // Loan - GONE ! // Savings (Oct 12) - £6.5K+ :money:0 -
you could always look at buying and taking in a lodger to help with expenses0
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