Too young for a mortgage? Advice please.

skintstudent_3

The worrier that I am, I'm 21 and thinking about mortgages..... (normal?)
I'm currently renting with my boyfriend and we pay £700 on rent each month. I'm thinking that instead of watching my money disappearing into someone else's pocket could we get a mortgage? How would we go about this? Any advice would be greatfully received!
I'm training to be a teacher so next year is when I will be earning £19k and my boyfriend is on £13k at the moment.
Even if it was just a mortgage on a flat, surely it would be an investment?

davidjohndean

Start to save - you need to put down abput 10% deposit, which is £20,000 on a £200,000 place (this would only get you a small two bed house in Dorset, where I live!)

I'd love to take out a mortage and own by own place its just too expensive!

steveandel

It depends how much you have in savings really. As well as a deposit (unless you get a 100% mortgage) you'll need money for solicitors fees, any surveys you have done etc. Also, is the place you are living at the moment furnished? If it is you'll need to buy a fair amount of furniture as well as white goods etc which can add up to a bit.

I guess it also depends how sure you are you'll be there in a year or two. Will your job definitely be local or is there a chance you might move away. I think at the moment you are unlikely to be able to get a very big mortgage just on your partners salary, you'll have to wait until you are earning as well.

huddsta

My girlfriend bought a 55% share house about 6 months ago (we're 19 & 20 y/o). We earn about £30 between us, had £10k savings and no debt. Well settled in now but would have taken us years if we bought in the normal way.

MortgageMamma

Sorry I dont know why everyone is going on about savings - how is she meant to save on teacher training allowance and her boyfriend only earns 13k and they are already renting at £700pm - be realistic.

You have two choices, unless you already have substantial savings

1. Wait and save for a few years
2. Get a 100% mortgage

But before you do anything, take professional advice. A good broker will show you your capabilities and the options now, well before you intend to buy. Some of my clients are with me 18 months before they get their first mortgage.

airforce_beret

i bought my house 2 years ago when I was 20 and I haven't looked back since. I had no savings but I got a Vendor Deposit, which prevented me having to get a 100% mortgage. So I got my house for 90k but with a vendor deposit it went through at 93k on paper. Im only paying around £500 a month on my mortgage and your paying £700 on rent so it is workable but obviously depends where your buying.

be realistic but everything is worth a try, you have to struggle to get on the property ladder but it's worth it in the long run. I earn around 27k now but was only on 25k when I bought the house, I didn't include my fiancee on the mortgage either.

Speak to a broker about vendor deposits, might be able to help you

Dani85

I'm 21, partner is 22. Your £700 rent a month WELL covers the mortgage we have on our £97,000 house and we did 100% also!!!

Your never too young for a mortgage I say, as long as you can realistically afford it x