Mortage for about £100k at 19 on my own?

danr10

I'm 19 yoa and last month I started my new job which I should be earning £25k before tax, I have no savings and a tiny bit of debt which will be paid off in a month, I'd probably be about £3k in the black if I sold my car. I've not even had my first months wages yet.

I could get 2 decent guarantors and my current outgoings are laughable £30 a month phone contract and travling to work costs I guess... £50 a month. Then I waste a bunch of money on food, drink and other stuff I don't need. Will probably have to pay board but I don't at the moment.

I know I can't get a mortage right now... but I know I could afford to move out, I'm not going to rent for the sake of moving out. I've seen lots of places I'd like to buy for about £90-100k. I want to buy while propety value is down and before it goes back up.

So what I want to know is what stepds do I need to take in order to get 'mortage ready' as soon as possible?

gizmo111

danr10 wrote: »

I'm 19 yoa and last month I started my new job which I should be earning £25k before tax, I have no savings and a tiny bit of debt which will be paid off in a month, I'd probably be about £3k in the black if I sold my car. I've not even had my first months wages yet.

I could get 2 decent guarantors and my current outgoings are laughable £30 a month phone contract and travling to work costs I guess... £50 a month. Then I waste a bunch of money on food, drink and other stuff I don't need. Will probably have to pay board but I don't at the moment.

I know I can't get a mortage right now... but I know I could afford to move out, I'm not going to rent for the sake of moving out. I've seen lots of places I'd like to buy for about £90-100k. I want to buy while propety value is down and before it goes back up.

So what I want to know is what stepds do I need to take in order to get 'mortage ready' as soon as possible?

To be mortgage ready you need to start saving the deposit and legal fees - u should easily be able to save £900 per month and have a life as well as pay rent etc

getmore4less

Deposit.

Save £1k+ pm for a year and review.


Learn about how much it costs to run a property.

The_Palmist

agree with the above. start a regular saver or ISA or both.

whatyadoinsucka

save your money, but to be honest house prices ain't going up for sometime. Jobs don't last forever so you may need a contingency..

best advice save as much as you can, but don't forget to live. (i'd rather have my friends, than property).

get a credit card or 2 and build up a credit history, paying off the balance in full each month (setup a direct debit to avoid missed payments at the very least)

live life as best you can before you have commitments mortgage / babies. travel the world

danr10

Oh yes, the main thing is I need to live, I've worked out what it will cost me and I have plenty of leeway, getting time off is more of a problem lol.
I guess it's a obvious one really but when I asked the parents they were like 'why do you want to move out?'

smartiedriver_2

Well, some ppl see 19 as very young to move out. Others move out at 16 and couldn't conceive of staying at Mum & Dad's any longer than possible.

You need to do what suits you.

Just bear in mind you only live once, and unless you have a lottery win or similar windfall, once you are saddled with a mortgage and the associated problems of being a homeowner (boiler needs replacing, windows leak and need replacing, roof tiles leak, etc etc), you are likely to remain 'saddled' for many, many years to come.

Enjoy being young, save as much as you can, and look to buy in 2-4 years' time - that would be my advice.