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FTB: What do i need to do?
Housebuyer_4
Posts: 3 Newbie
I am a first time buyer and am only 22, the gf and i would liek to move in together and we are looking for a place around the 100k mark. My salary is £21000 and hers is £11000. I have a debt of 2k which 1k is my overdraft and the other is a loan which ends in May next year. She has no debts.
We have no money for a deposit and no money in the bank. What are our best options other that save?
We have no money for a deposit and no money in the bank. What are our best options other that save?
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Comments
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TBH the options are save save save.
Where do you live? What can you get for 100k where you are?:beer: Well aint funny how its the little things in life that mean the most? Not where you live, the car you drive or the price tag on your clothes.
Theres no dollar sign on piece of mind
This Ive come to know...
So if you agree have a drink with me, raise your glasses for a toast :beer:0 -
you can only get a flat around my area for that sort of money, i am in the midlands. To be honest with you, i think it will be about 90k for the property's i am looking at.0
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Wouldn't it be better to live together before commiting to a mortgage. That would seem sensible first.
Oh, and save save save!0 -
we have been together for 1 1/2 years now, and i stop at her house 5 days of the week.0
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Save.
With a 100% mortgage, you are taking a masive risk with the possibility of negative equity. You will also have to face a higher interest rate than those who have a deposit.
Live together full time first and save together for a deposit.Everything that is supposed to be in heaven is already here on earth.
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With no deposit and money in the bank - save, save and save again.
Why? Because you'll need more than a 100% mortgage if you have no savings. Are you aware that as well as paying for the flat you will also need money for the following -
* Solicitors fees
* Survey
and then possibly
* Moving costs
* Furniture / white goods (washing machine, fridge/freezer)
* Decorating"One thing that is different, and has changed here, is the self-absorption, not just greed. Everybody is in a hurry now and there is a 'the rules don't apply to me' sort of thing." - Bill Bryson0
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