HELP! First Time buyer - Homebuy Direct 100% Mortgage mind-field

LovelyLeeds

slavinder wrote: »

My Partner and i are currently looking at buying our own property. We are planning for a family so want a property to buy.

Some excellent advice already given, can't add to it.
Are you of an age where you can delay planning a family for 2 or 3 years? Saving instead, to throw at a deposit, has got to make good financial sense rather than going in for a 100% mortgage AND starting a family. You are putting yourselves under massive pressure if you haven't saved.

firsttimetom

Rather than take out one of these schemes (which only serve to prop up the developers and housing market in general) save up some money for a deposit instead.

Assuming you and your partner earn £25k each, that is £19k after tax - £38k between you. You could very easily save up £20k in ONE YEAR let alone 20!!!

If you are struggling to save at the moment, then I wonder if you could afford the £900 mortgage payments.

Go and rent a cheap flat, you may have to live in a studio apartment for a year or so, but you will be much better off than diving into a homebuy scheme now. You can rent a Studio Apartment in brighton for £500 a month - it may not be anything flash, but that's the sacrifice you have to make. In a years time you will have a £20k (if not more) deposit in the bank and chances are house prices would have fallen by more than the £6k you have paid out in rent - even in Brighton, as no where is immune.

kingstreet

slavinder wrote: »

We're the "educational professionals"

So noted. I'm guilty of mis-reading the notes. I thought I read educational professionals and buying in BH and DT, not or buying in BH or DT.

Apologies. I really have to spend less time on this computer. My eyesight is deteriorating rapidly.