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Looking to buy, first time, advice wanted!
steve.young_2
Posts: 1 Newbie
Hi there,
I'm after a bit of advice on buying a flat for the first time. A little background;
I'm 23 years old, single with a well paid job (£23.5k) although hopefully changing soon to one where I'm on £32k. I don't have any capital or savings, literally just what comes in at the end of the month although I've started saving a bit each month.
I'd like to be able to buy a flat or house on my own. I'd need a 100% mortgage and apparently I can go up to £250k with Natwest (my bank) although not sure if they do 100%.
The stumbling block is I had a Capital One credit card when I was 18 and in my first employment. I used the card to tide me over for period of time where I wasn't paid for 4 weeks when I first started, thinking I'd settle when I was paid. I was wrong in that they didn't pay me correctly and I was unable to pay the bill. Unfortunately they passed it straight to their solicitor and I agreed a payment plan with them. They then served court papers on me! so I now have a CCJ for the measley sum of £480 against my name. I settled the CCJ within 12 months, marked as satisfied and have had a clear run on my credit file since, and the CCJ should clear off in 2009.
I also owe about £2500 on a loan which should be settled within 12 months.
I realised I'm unlikely to get a mortgage and if I do it will be expensive! So...
Where do I stand? Should I apply for something or see the advisor at the bank and see what they say?
I'm after a bit of advice on buying a flat for the first time. A little background;
I'm 23 years old, single with a well paid job (£23.5k) although hopefully changing soon to one where I'm on £32k. I don't have any capital or savings, literally just what comes in at the end of the month although I've started saving a bit each month.
I'd like to be able to buy a flat or house on my own. I'd need a 100% mortgage and apparently I can go up to £250k with Natwest (my bank) although not sure if they do 100%.
The stumbling block is I had a Capital One credit card when I was 18 and in my first employment. I used the card to tide me over for period of time where I wasn't paid for 4 weeks when I first started, thinking I'd settle when I was paid. I was wrong in that they didn't pay me correctly and I was unable to pay the bill. Unfortunately they passed it straight to their solicitor and I agreed a payment plan with them. They then served court papers on me! so I now have a CCJ for the measley sum of £480 against my name. I settled the CCJ within 12 months, marked as satisfied and have had a clear run on my credit file since, and the CCJ should clear off in 2009.
I also owe about £2500 on a loan which should be settled within 12 months.
I realised I'm unlikely to get a mortgage and if I do it will be expensive! So...
Where do I stand? Should I apply for something or see the advisor at the bank and see what they say?
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Comments
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Go and see a mortgage broker for free and see what they say.
Personally I'd advise saving up a 10% deposit.Happy chappy0 -
pay off your debts first, then save a depositIf it doesnt pay rent sell it.
Mortgage - £2,000
Updated - November 20120 -
I'd make sure you can trust yourself with money before you take the plunge. Pay off your debt and start saving. In debt with no savings isn't a good way to start and you will pay a higher interest rate with a 100% mortgage and you leave yourself wide open if prices fall.
You'd also be crazy to borrow £250k though I doubt they'll really offer you that as the repayments would be more than you earn! The most you could expect to borrow on current salary would be five times earnings and that would be with an unblemished credit record and most people here won't see 5x salary as particularly sensible either.Everything that is supposed to be in heaven is already here on earth.
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If this aint a wind up, what is?0
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nelly wrote:If this aint a wind up, what is?
I see your logic, but what's the point in winding up people who are going to give you sensible advice?
Bag of laughs this board. :rolleyes: What happened to the 'no price crash' thread? Was it too funny for this board?Everything that is supposed to be in heaven is already here on earth.
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