Looking for advice please...

Danni1986

Hi all,

Any brokers or people who have been in a similar position who could give me any advice would be great.

I'm 25 and must move out from my parents house due to 3 of their grandchildren being placed in the home by local gov. I have a very good job and is secure (i hope), I am a probation officer. My annual salary before tax is £26,500. This is likely to increase to £30k in the next few years, with more experience i will get higher paid jobs.

I have different options for moving out, i could rent a room, rent a flat or buy a flat. I absolutely cannot just rent a room as i regularly look after the children (my nephew and nieces). So it is between renting a flat and buying one on Shared Ownership. I have found a flat on shared ownership where i get a mortgage for £64,750 and the rest is rent. I have calculated the costs and it appears that this will be exactly the same as renting a flat, however i would be liable for anything going wrong if i bought it.

I am very new to this and just need advice, i want to buy on shared ownership but have to act quick to get this one i like. My parents are hoping to give me money for a deposit and legal fees.

Do i need a broker? what type? what do i ask? Any good mortgages out there? how do i instruct the right solicitor? Do i have to get a flat that is only 2 years old surveyed?

Sorry for being a numpty, any advice would be excellent... Thanks :j

ACG

- No, you dont need a broker but it might be wise to have someone who can help around...they dont all charge and as your situation sounds straight forward enough even if they do charge it might not be a lot.
- Whole of market would be most likely to do it for free, Independant would probably charge but any commission paid may be refunded back to you.
- If they can help you
- Good mortgages vary on the person, so what might be good for 1 person may not be good for another or may not even be available.
- The lender will insist on a valuation, if you want anything more than this then you will have to pay for it.

Based on your income you could probably borrow around £100k, so you may even be able to purchase something that isnt shared ownership so you own it fully but that will depend on where you live.

Theres no numpty questions...well, there are but you havnt asked any. Ive heard questions much dafter than those so dont worry