Mortgage help please!

Doshwaster

hollieannx wrote: »

We currently pay around £1500 out a month to rent ,thats the rent and all bills and as I said before I feel like I am just throwing money away.

I know mortgage companies are looking for high deposits but what is realistic? Ideally we would want a 2 bedroom property as it would be somewhere we would want to stay.

Is there any advice anyone could give? Past experiences etc..

Sorry I must seem really stupid but it's not something I have ever looked into before.

£1500 a month sounds a lot - even for Hertfordshire. I'd be looking for somewhere much cheaper, even if it's not ideal, and plough all of the rest into savings.

smartiedriver_2

hollieannx wrote: »

So basically we have no choice but to rent?
I can't live at home for the next 5 years - not because I don't want to but I just couldn't expect my boyfriend's parent's to do that.

I just feel there is no help for anyone - I have worked since I have left school and want to make something of my life yet don't get given the chance unless you have 50k spare.

If you've worked all that time, why haven't you already got at least part of the deposit saved? It's up to you to help yourself; not for someone else to help you!

hcb42

I wouldnt give up, if you are focused on your career, your earnings CAN still go up even in these difficult times. You both need to work this out realistically as to what you can achieve. So combination of potentially increasing those, saving hard, aiming for a property nearer £200K to £250K and taking your time and looking around the region to see what works, and I would say it could be in reach for you, although it won't be easy.

If you give up now, it definitely won't be.

Why don't you give it a year or 18months and see where you are at...and scrimp as much as possible for a while to maximise your deposit.

Cubbington

You can find nice places to rent in Watford for alot less than £1500 a month! When it comes to buying if you're willing to look around you can find places for under £200k in Hemel or North Watford

hcb42

THe OP did state £1500 was rent and all bills..

Although I am also sure it can be bettered

hollieannx

The reason I haven't saved before is because I was saving for a car and a year's car insurance.
I also did not realise how a mortgage worked as it was never something I had looked into before.

A lot of people on here are quick to judge - it is a forum not somewhere to put people down at what ever chance you get.

I am 20 years old and I am sure there are not many other 20 year olds with a car,job, and a house.

Thank you to all the people that have replied honestly and not just critically.

As said before only we know what we want and what we can afford and now I know how it all works I can work towards it.

hollieannx

Cubbington wrote: »

You can find nice places to rent in Watford for alot less than £1500 a month! When it comes to buying if you're willing to look around you can find places for under £200k in Hemel or North Watford

£1500 is for rent and bills

Cubbington

Even with bills I think you could get cheaper but like you said, only you and your boyfriend know what you want so...

I think your best bet now you understand a little bit more how it works is to sit down together and work out a realistic budget on what you can afford to save each month then look at what's avaliable on the Market so you have an idea of prices. At least then you'll have a good idea of targets and timescales.

Good luck to you with it