Think I have a deposit? whats next

jc808

firehawk wrote: »

Thanks. I appreciate that.

I guess I'll never be able to buy a house in this country too expensive and not much help for first time buyers (who are also single!)

Dont understand. You earn c40K a year and cant save more than 15K?
Is your 40K a year revenue? Profit? Profit after tax?

sonastin

Your next steps should be:

1) Keep saving. As much as you can. While you carry out the following steps...
2) Look at what is for sale in the areas you were hoping to live in. Look at what is for sale in the nearby areas as well. Find out how much the sort of property you'd want to buy costs. Find out what you can get if you had, say, 10% more or 10% less.
3) Check sold prices for the areas you are looking. Find out how the sold prices seem to compare to asking prices. In a lot of places, houses are actually selling for around 5-15% less than asking prices but you need to know what is going on in the areas where you're looking.
4) Get your accounts from the accountant. Show them to a mortgage advisor. Find out how much you'd be able to borrow for different % deposits. At this stage, you could just speak to the mortgage advisor in your bank because you're only looking at an indicative figure. When it comes to actually getting a mortgage, you should use an independent broker to get the best deal.
5) Armed with the above knowledge, work out a) what you can afford to buy at the moment and b) how much its going to cost you to buy what you want. If a) and b) are the same, you can start properly house hunting. If they're not, work out how much more deposit you need to save and go back to no.1.