First Time Buyer

Danny_Zilo

Okay, here's the situation:
I earn a reasonably good wage; £24K a year. I've only recently started to save money due to only recently clearing all debt, (car loans, etc). So aside from car insurance (£94 per month) and lodging costs at home (£250) per month I don't really have a lot more that I HAVE to spend money on.

I've been looking at houses for a while now, and I've seen some perfect houses within my budget (up to 100K) that I am really interested in. But I only have £1400 to spare at the minute. It's going to take forever to reach the £10,000 mark for a 10% deposit, but is this the only option available to me? I've heard about the 'Lend a hand' mortgages that some banks are offering now, but again I'm £3700 short of even a 5% deposit. Plus I don't even know if my local authority offers it...

Do I just need to bide my time until I have a deposit ready?
£10,000 will take forever to reach, when I then have to also have money aside for all the things that moving into your first house includes (furniture, kitchen appliances, etc)

What is my best option?

GMS

There has been a 100% mortgage launched this week which requires a 25% charge on a close family member's property.

If you have family willing to help it may be an option for you.

Starbrite

Save Save Save

You can easily save a 10k Deposit, I'd hate to think how much I need to save when most properties start at 150k and I can only borrow 109k at the most...

If I'm 35 and just joined this save save save mission I'm sure you can do it too

wrighty0__3

GMS could you elaborate abit more on this 100% mortgage

Loanranger

Focus on the goal you have set yourself...

Save every penny.
Get another job in addition to your full time job... Bar work, Saturday/Sunday shop work. Babysitting.
Stop buying anything that isn't an absolute necessity.
Write down everything you spend.
Ask for cash for presents at birthdays and christmas.
Decline all invitations to go out where you can't be in control of your spending.
Wear pre-enjoyed clothes, shoes and accessories.

That's how I did it.

When you have the deposit you'll need some money for legal fees and maybe a survey.

When you are ready to buy, ask friends and family to pass on their cast offs such as curtains, rugs, saucepans etc and buy the rest on Ebay or from Freecycle.

You could save 10K in 12 months.

Good wishes to you, it will be worth it when you have your own key and can organise your life as you want it to be.

GMS

It is available through selected brokers only.

Lender would advance up to 100% of the purchase price (or valuation if lower) with any amount over 75% LTV requiring a charge on a family memebr property.

3 year fixed rate 6.48%.

Family charge can be paid down at any time with no penalties and will expire once property is valued at sufficient to remove it or after 10 years.

Speak to a broker to get full details