First Time buyer advice needed

kingsi15

Hi all

It has come to that time in my life when me and my partner are ready to move in to our first house. We have found a house we like and have put in an offer on the house, we also have a mortgage promise from NR.

I have been saving up for the past 5 years and have managed to save up £35,000 for a house, but I'm not sure what to do as I have never owned a house do I:

Put down 15%(£24,000) and keep the rest incase of any unexpected bills in future i.e car breaking down or nice holiday:)

Or do I put down £31,000(20%) leaving me with £4k which will buy the furnature but no money left after that, how ever my monthly mortgage will be a bit less.

Any advice would be great if maybe you were in my situation before, or what you would do in my situation.

Thanks

Southend1

kingsi15 wrote: »

do I:

Put down 15%(£24,000) and keep the rest incase of any unexpected bills in future i.e car breaking down or nice holiday:)

Or do I put down £31,000(20%) leaving me with £4k which will buy the furnature but no money left after that, how ever my monthly mortgage will be a bit less.

Any advice would be great if maybe you were in my situation before, or what you would do in my situation.

Thanks

I would:

Put down £31k deposit.
Use £2k of the remaining £4k to pay solicitor/survey fees.
Use £500 to buy essential furniture - e.g. bed, sofa.
Keep remaining £1500 for unexpected costs/emergencies (e.g. work to roof/central heating etc)

Oxid8uk

Although holidays are nice they won’t financially look after you. Put down as much deposit as you can - the lower the LTV the better the mortgage interest rate will be and the less you will pay back over the term of the mortgage. You are more likely to get a mortgage too as you will be seen as less risky by the lenders.

You can get good furniture free off websites such as Freecycle, or if it can’t be second hand then you can buy most furniture from large stores on interest free credit. Just be careful not to start buying furniture/white goods etc on credit until you have completed.

Keep a contingency for unexpected bills, i.e. car repairs, boiler replacement etc. Stick that money in a high interest savings account where it isn't easily accessible so you don't spent it unless you need to!