Buying Cheaply

StudentOne

I'm one of the lucky ones to get into university and avoid the fees increase, and also lucky in that my family is poor and a grant will pay for most of the tuition. This means that I'll have £10,000 in a loan that only increases with inflation, which if I paid that back over 10 years, would cost me an extra £12,000 over the initial £10,000 I borrowed. If I live at home during uni, and get a summer job as well, I'll have another £10,000 in cash by the time I leave university.

£12,000 sounds like alot, but it's actually very good going considering if my friend rented an apartment for 2 or 3 years, he'd have paid as much and have nothing to show for it.

So, I'll have £20,000. The problem; I would like a place to live as I'd like to get away from the family, however I have only half the amount required to buy a place in say, Eccles or Little Hulton. What's more, I don't see these areas going up significantly in value.

I've been told I should share the place I buy with somebody else who would pay for the other half, but I really value the luxury of being able to come home and strip off, and other things which I could not afford when living with family -basically I appreciate having something which is completely mine and the independence/freedom which that would bring.

So my question is this; how could I own property before the average age of 37, when I shall only have £20,000?

The only answer I have so far is either get a room-mate or *work harder* and get more money I'd like to know if there are places which sell for around £20,000-£25,000 or what ways I could afford a place.

Doozergirl

They call them mortgages

Presumably you won't be 37 when you leave uni either. £20,000 is an adequate deposit for a modest house with an average salary but if you want to continue saving for a while once you leave university, then it won't hurt.

Annisele

So, we're discussing what you might do at the end of a degree course you haven't taken yet, with hypothetical money that you haven't earned yet?

Well...generally people either rent, or buy a property using a mortgage. What rental prices/mortgage rates/lending criteria are going to be by the time you graduate can only be determined with a crystal ball.

CheeseCat

Please tell me you were joking about Little Hulton! :eek:

PasturesNew

When I was 21-23 or so I had three jobs, you could try that.

I had a full-time day job, Mon-Fri 9-5.
I had a weekend job, on a garage forecourt.
I had an evening job 4 nights/week, doing telesales.

When you're young you have the energy for this

diable

Op walks into a bank, I have 20k student loan to use as a deposit on a property, any chance of a mortgage?

Bank, what do you earn?

OP, fcuk all

Bank, employees roll around the floor laughing..........

tbs624

StudentOne wrote: »

So my question is this; how could I own property before the average age of 37, when I shall only have £20,000?

The only answer I have so far is either get a room-mate or *work harder* and get more money I'd like to know if there are places which sell for around £20,000-£25,000 or what ways I could afford a place.

See http://www.rightmove.co.uk/property-for-sale/property-32693225.html . Unfortunately properties priced at this level tend to be in areas with few employment opportunities