Dont want to be stuck in a rut

Craig_Donny

Right i never was that bothered about moving home, but i went backpaking for 6 months, and now im home for about 6 weeks and i really dont like it, love independence.

Im 19, nearly 20, working full time as a checkout team leader, and have signed up for duty manager trainning. I also start being a police special next month.

I want to get a mortgage of some description, maybe a shared buy, well probably will have to be.

But i dont want to rent, my sister has rented for 8 years, and she moves home next month because she cant afford it no more, and she will have nothing to show for it!

Do you have any advice on mortgages, how much things are likely to cost, any hints or tips! Also my mum has said she will put her house on the mortgage as "protection" forgot what the real word is for it sorry.

Anyway thanks in advance!

Craig

BitterAndTwisted

What savings do you have? Apart from a 10% deposit as an absolute minimum you'll also need a couple of grand for surveys and conveyancing, never mind furnishing the place once you've bought it.

I'm assuming that your mother is prepared to either be a guarantor for your mortgage or will be putting up her house as security. As a grown adult I would advise you to use your own resources rather than putting someone else's at risk.

And I would disagree with your view that your sister has been renting for eight years and has nothing to show for it. She's paid for a roof over her head with someone else picking up the tab for all repairs and maintenance for nearly a decade.

mustrum_ridcully

19 with a lot of growing up to do! Renting a shared house is part of growing up, learning how to manage household bills, learning how to budget so you have enough money to feed yourself - learning about the REAL world.

You don't want to be stuck in a rut, let me give you an example of being stuck in a rut - having a mortgage and being stuck in negative equity, having to stay in a job you might hate because you must pay the mortgage, not being able to just pack-up your stuff and move to a new flat/house if you don't it or the area.

You think it's bad renting for 8 years and having to move back with mum, how about paying a mortgage for 8 years, losing your job and having your house repossessed?

The very fact you're prepared to potentially risk your mothers house just because you don't want to rent for a few years says a hell of a lot.

Craig_Donny

Well your all quick to judge a person you dont know, also are rather rude, i dont think personally im the one that needs to grow up

ILW

For starters

What do you earn?

How much deposit do you have saved?

How much does a place cost in your area?

Incyder

At 19 its a bit young to have your hands tied to tightly. If you like your parents and they like you, i would stay there for 5 more years whilst saving every penny you can. If you don't buy a car or have holidays each year then it should be easy to save up
35-40k, maybe more, if you are diciplined.
That amount will make things so much easier when you buy, you won't have to have a shared equity house and your mum won't have to be guarantor.

Hammyman

Craig_Donny wrote: »

Well your all quick to judge a person you dont know, also are rather rude, i dont think personally im the one that needs to grow up

They're not being rude, they're telling you the facts.

You need a whacking deposit and good credit history to get a mortgage and under 2 years worth won't suffice.

You don't want to be tied down but a mortgage will do exactly that. They are in effect a noose around your neck.

A £95k mortgage will cost you about £500 a month AT THE MOMENT. If Bank of England interest rates rise, as they will, your monthly mortgage will go up.

A rough idea of bills worked on a £95k mortgage.

Mortgage: £500
Council Tax £100
TV Licence £13
Water rates £25
Buildings & Contents insurance £10
Phone & Internet £20
Gas £40
Electric £30

And those are the essentials. You'll also need as well as your deposit around £2k for fees (legal/mortgage), £2k or so to put some basic furniture in the house and buy pots/pans etc.

But one important thing that worries me is you say your mum will put up her house as a guarantee. Are you aware that this means if you decide not to pay your mortgage your mum could lose her home if she can't afford to make the payments?

Personally, I wouldn't ever dream of asking my parents for something like that.

Craig_Donny

Incyder wrote: »

At 19 its a bit young to have your hands tied to tightly. If you like your parents and they like you, i would stay there for 5 more years whilst saving every penny you can. If you don't buy a car or have holidays each year then it should be easy to save up
35-40k, maybe more, if you are diciplined.
That amount will make things so much easier when you buy, you won't have to have a shared equity house and your mum won't have to be guarantor.

haha i like the, if we like each other bit. Yeh i do get along with them, i just really want to move out.

As for how much i earn, i dont know, i have only had my job 3 or 4 weeks so not had a full pay. It will be around 1100 i think.

As for savings i have 6k but i also have a 4k motorbike so i would sell that if i was going to buy a home.

ILW

Think you need to get a little more financial experience before considering buying a home.

HouseHunter2010

Craig_Donny wrote: »

haha i like the, if we like each other bit. Yeh i do get along with them, i just really want to move out.

As for how much i earn, i dont know, i have only had my job 3 or 4 weeks so not had a full pay. It will be around 1100 i think.

As for savings i have 6k but i also have a 4k motorbike so i would sell that if i was going to buy a home.

Sorry but how can you not know how much you earn? I assume you were told your salary (at least your basic salary, which is what a mortgage would be based on) when you were given the job?

BettiePage

Craig_Donny wrote: »

haha i like the, if we like each other bit. Yeh i do get along with them, i just really want to move out.

As for how much i earn, i dont know, i have only had my job 3 or 4 weeks so not had a full pay. It will be around 1100 i think.

As for savings i have 6k but i also have a 4k motorbike so i would sell that if i was going to buy a home.

How long are you on trial for?