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Newly qualified paramedic looking to buy first property
CRL1986
Posts: 3 Newbie
Hi MSE and forum users,
I am a newly qualified Paramedic who has just moved to ascot from Wales. I really would like to purchase a small property but I have little savings (£2000) and some debt car finance £13000 Credit Card £1500 and student loan £5000. I earn £22000 Pa and I am looking for advice on the best way to get on the property ladder. Oh my gf is about to qualify as a nurse and will hopefully have a job soon starting on the same salary as me £22000 Pa
Any help would really be appreciated
Thank in advance
First ever post :j
I am a newly qualified Paramedic who has just moved to ascot from Wales. I really would like to purchase a small property but I have little savings (£2000) and some debt car finance £13000 Credit Card £1500 and student loan £5000. I earn £22000 Pa and I am looking for advice on the best way to get on the property ladder. Oh my gf is about to qualify as a nurse and will hopefully have a job soon starting on the same salary as me £22000 Pa
Any help would really be appreciated
Thank in advance
First ever post :j
0
Comments
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The best advice? pay your debts off before taking on more.0
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Hi I can't help too much but my mortgage company weren't bothered about my student loan so that might be one less debt you can worry about!0
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With only £2000 savings, buying a property is out of the question for you at the moment. How much can you and your GF afford to save each month? Property isn't cheap in Ascot, and you're going to need a 10% deposit, at least."You were only supposed to blow the bl**dy doors off!!"0
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maninthestreet wrote: »With only £2000 savings, buying a property is out of the question for you at the moment. How much can you and your GF afford to save each month? Property isn't cheap in Ascot, and you're going to need a 10% deposit, at least.
Pay off your debts as quickly as possible! Throw everything at them. Then save as much as you can for as long as you can. If you get a place with a 10% deposit the interest rates will be very high so it is better if you try and get a 20% deposit or more.
Trust me on this if you try and do it any other way it will cost you a fortune! I learnt the hard way. There are no shortcuts to getting on the property ladder it is about hard graft and saving![STRIKE]£106,200[/STRIKE] mortgage with 5% deposit 2 years ago on 6.99% 04/06/08 :eek:
Overpaying the max 10% per year for the next 2 years until July 2013 when I can remortgage and should be able to get down to 55% LTV.
Overpaid 10% £10,619.87 Dec 2010 & 10% £9,475 Aug 2011
Mortgage was £690 now £560
Currently £85,203 - 71% LTV 26/08/110 -
Presuming you'd be buying together, then you'd have a joint salary of £44k.
This would probably allow you to borrow around £120k (3x joint salary minus your car and CC debt - they don't usually count student loans).
You would then need at least a 10% deposit, so £12k, plus another £2k for costs.
I'd pay off your debts first, live like hermits, and save hard! I think in Ascot, a scummy 1 bed flat is around £140k!Should've = Should HAVE (not 'of')
Would've = Would HAVE (not 'of')
No, I am not perfect, but yes I do judge people on their use of basic English language. If you didn't know the above, then learn it! (If English is your second language, then you are forgiven!)0 -
Bracknell would be cheaper than Ascot"You were only supposed to blow the bl**dy doors off!!"0
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£13000 car finance, what car do you have? Could you downsize?0
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The_Blue_Hatter wrote: ȣ13000 car finance, what car do you have? Could you downsize?
An ambulance?? New Government policy of increased privatisation in the NHS...:rotfl:
Sorry OP if i'm making light of your question.0 -
The best way to get on this hypothetical property ladder? Have a really hard think about the prudence of having a car-finance deal that's nearly two-thirds of your annual salary. Pay down your debts and get saving, saving, saving. There are no short-cuts to getting a deposit together, it all depends on how much you are prepared to sacrifice in order to achieve it.0
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Don't be fooled into thinking that there is still a "property ladder".
Rent, pay off your debts and save as hard as you can until you can afford a place you plan to live in for the foreseeable future0
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