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1st Time Buyer, too buy or not too buy?!
Comments
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I'm glad you've decided to wait, as it seems the most sensible option right now. You definitely don't want to risk your parents losing their house just so you can buy somewhere. Oh, and very few mortgage companies would take your grant as income.
Just out of interest, why have you chosen Bournemouth? It's quite a commute to Soton Uni and there are plenty of nice areas a lot nearer.
Not sure how the spelling/ grammar criticisms add anything to the argument. I'm sure that OP will spend a little more time polishing her thesis than he/ she spends on posting here.0 -
chelseablue wrote: »I think its always been hard to save up and buy a place without help.
Not necessarily. My husband bought his first place on 100% mortgage, so no need to save for a deposit. It was £60k, so 3x his then income so repayments were affordable.
We sold it four years later for £125k: a price than would make it out of the reach for anyone earning what he was on when he bought, unless they had tens of thousands of pounds lying around for a deposit.
The recent rises in house prices have made it much harder for people to buy.0 -
Not necessarily. My husband bought his first place on 100% mortgage, so no need to save for a deposit.
Can you still get those?0 -
No, which is why it's harder now than it has been before, as lower LTVs are needed and house prices are higher.0
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OP, it seems more sensible to rent a flat first of all and in the meantime save up for a deposit. Renting also gives you flexibility in testing out areas where you may like to live. I think that there needs to be less reliance on the Bank of Mum & Dad in these current times.
Good luck!
Generation Rent0 -
[QUOTE=
Not sure how the spelling/ grammar criticisms add anything to the argument. I'm sure that OP will spend a little more time polishing her thesis than he/ she spends on posting here.[/QUOTE]
Exactly - I'm sure the OP knows what is correct, but when you're busy and typing quickly it doesn't really matter.0
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