First time buyer… help required.

catfish50

Would you want to consider shared ownership? Some people like it, some don't. My daughter has a 2-bed in London Zone 1 which she could never have got if not for shared ownership.

Also - are you sure it's wise to post so much personal information under your real name (assuming it's your real name). You could change it to a screen name.

beecher2

And house/buildings insurance, maintenance, entertainment and clothes? (edit@ beaten to it!) on top of that you have to be able to afford more than 5% interest rates.

Save as much as you can, and build your deposit up as 5 x salary isn't going to happen.

michaeldc

catfish50 wrote: »

Would you want to consider shared ownership? Some people like it, some don't. My daughter has a 2-bed in London Zone 1 which she could never have got if not for shared ownership.

Also - are you sure it's wise to post so much personal information under your real name (assuming it's your real name). You could change it to a screen name.

First of all, how could I change my screen name? Can't see it in User CP!

Shared ownership, suppose it might be my only option.

This has been eye opening... massively disappointing to realise I'm screwed but certainly eye opening. It's so annoying to know that you need to be buying with someone to get a place, or on a lot of money per year.

Thanks for all the advice everyone, I really do appreciate it.

catfish50

michaeldcoates wrote: »

First of all, how could I change my screen name? Can't see it in User CP!

Email forumteam@moneysavingexpert.com and explain.

Shared ownership, suppose it might be my only option.

Have a look here
http://www.plumlife.co.uk/home-shared-ownership-Manchester.aspx

This has been eye opening... massively disappointing to realise I'm screwed but certainly eye opening. It's so annoying to know that you need to be buying with someone to get a place, or on a lot of money per year.

Yes it's a great shame it's so hard for young people to buy. Not a new problem though. Hope something works out for you.

Angel_of_Tomfoolery

Hi OP, I appreciate you are rather disappointed with what you're hearing but you ought to be looking at the positives too. You're getting a gift of £20k from parents, you're debt-free and from what you've said, seem to be moving up in your career. Looking at it like that you're actually rather lucky compared to many others - at least you're heading in the right direction! My partner and I have been wanting our own place for about 7 years and it's going to be at least another year to 18 months before we finally get there. It's taken a while for me to understand that buying a house is not merely an emotional feeling of 'being ready' but making sure the sums add up - otherwise I know it will end in disaster. I personally would take a bit of disappointment and frustration over jumping in unprepared and having a complete meltdown when the costs spiral. With a payrise, you're in a great position to save more, even before you start looking at ways to reduce your outgoings.

All the best :-)

michaeldc

Angel_of_Tomfoolery wrote: »

Hi OP, I appreciate you are rather disappointed with what you're hearing but you ought to be looking at the positives too. You're getting a gift of £20k from parents, you're debt-free and from what you've said, seem to be moving up in your career. Looking at it like that you're actually rather lucky compared to many others - at least you're heading in the right direction! My partner and I have been wanting our own place for about 7 years and it's going to be at least another year to 18 months before we finally get there. It's taken a while for me to understand that buying a house is not merely an emotional feeling of 'being ready' but making sure the sums add up - otherwise I know it will end in disaster. I personally would take a bit of disappointment and frustration over jumping in unprepared and having a complete meltdown when the costs spiral. With a payrise, you're in a great position to save more, even before you start looking at ways to reduce your outgoings.

All the best :-)

I appreciate the support from everyone here, and I know I am very lucky but it very disappointing to have worked to be in this position but because I don't have a partner I can't own somewhere to live. I have seen some small studio flats, this may be the way to go I guess.

I can guarantee that will be a very modest environment!

GMS

michaeldcoates wrote: »

I appreciate the support from everyone here, and I know I am very lucky but it very disappointing to have worked to be in this position but because I don't have a partner I can't own somewhere to live. I have seen some small studio flats, this may be the way to go I guess.

I can guarantee that will be a very modest environment!

Not all lenders will lend on a studio flat. Keep that in mind before looking.

michaeldc

GMS wrote: »

Not all lenders will lend on a studio flat. Keep that in mind before looking.

Would they lend on regular flats? I'm presuming the difference is a seperate living area to the bedroom right?

GMS

michaeldcoates wrote: »

Would they lend on regular flats? I'm presuming the difference is a seperate living area to the bedroom right?

Regular flats will generally be ok. New builds are restricted on LTV if any lending at all.