I'm not sure what to do next?!

GingerCat_2

Hi,

Me & my partner both work full time. We are both over minimum wage but not by alot - We bring in a average of 12K each per year.

We have no outstanding depts which are in the red, but we do have a loan with Welcome Fiance which has only about 8 months left to pay off.

We are currently in a private rent property but it is part of the job so we don't pay any rent only the norm or Council Tax, Elec, Water etc.

We have been together 8 years & would like to finally have our own home together, we are 25 & 26. We have been on our local council home register but can't get a home they seemed to all be given to 16 year olds with babies or family of immigrants (I dont want to sound harsh) but its true.
I love my career & we're feel we don;t want children yet & because we haven't got any we have a much lower chance of a home with the council.

The average propertie in this area is 80K for a 2 bed terrace which will do us fine, We don't seem to be able to qualifie for this we simply don't earn enough.

We have decided to save 1K per month for the next 12mnths so we will have a deposit of 12K - Would this help us get a mortage with a 12K deposit or am I just hoping & may as well keep relieing on the Council for a Council house in some Estate....

Sorry for such the long rant! I'm just stuck what to do, I feel I can;t get my life to move forward!

CloudCuckooLand

£12k would be a start, but don't forget solicitors fees, mortgage charges etc...

Aim for £15k savings; £10k for deposit, £3k for fees, £2k cushion for the unexpected, gets £80k property with a £70k mortgage. Doable.

Keep your credit history squeeky clean.

Thrugelmir

GingerCat wrote: »

We are currently in a private rent property but it is part of the job so we don't pay any rent only the norm or Council Tax, Elec, Water etc.

Maximise this to your advantage. Whilst you may dream of owning your own property. Living where you are will enable you to save a reasonable sum of money in a 2 - 3 year time frame.

Once you own your own property you'll have all these costs to bear plus the mortgage. So borrowing as little as possible should be your aim. As once on the property ladder make sure you can afford to stay there.