Chance ?

LavenderBoy

Hey me again ! To bore you with another thread ha.....

Anyways basically I am considering stepping onto the property ladder solo as a first time buyer.

I have been looking at New Build properties basically because of the first time buyer incentives they have on and I have come to the conclusion it would be easier to buy one of these rather than going through an estate agents etc.

Well heres the stats, I'm 20 therefore I dont really have much of a credit rating, I private rent currently and have done so for around a year and have been able to manage bills etc...

I earn £19000 approx per year. I have 1 credit card with the balance of £700 on it and I am repaying it monthly and also making payments if and when I can also. Other than that I don't really have much of debt.

I have been looking at the FirstBuy scheme with 5% deposits , I am borrowing money from family to enable me to go through with the purchase.

I have been looking at Houses/Flats with a max of £60-£70K

I have been thinking recently that I maybe not get a mortgage due to my poor non existent credit score ? But I pay a very high rent currently and manage and sick of throwing money away and really do want to take that step.

I am going to the office at the new housing estate this week for more advice too...Thanks for any help !

ACG

Income wise you can afford what your after by the looks of it.
Credit history - dont worry. You will have options open to you.
Deposit - Lenders wont accept "lent money off family" as a form of deposit.
They would accept a gift, so if the family were to give it you and sign a document to say so, then that would be acceptable to the lenders.

LavenderBoy

Thanks ACG ! Just wondered if you would know but some of the FirstBuy schemes I have been looking at have said 'No Deposit Required, *Subject to Criteria*, You wouldnt know what the criteria is out of interest, Thanks !

CBR600F_2

LavenderBoy eh? You sound like a gay superhero sidekick.

'Quickly Lavenderboy! Into the glittermobile. That dastardly Mr. Hetero is getting away!'

'Oooh Rainbow Man, you're so manly!'

What was the question again? Oh right, right - New Builds. Apparently they're the safest, most clean way of pitching yourself into negative equity.

If I were you, I'd pay off my credit card, save a fatter deposit and forget the New Build crapola.

But that's just me. It's just advice. Go out there and do whatever the f*ck you want to do.

Wutang_2

CBR600F wrote: »

LavenderBoy eh? You sound like a gay superhero sidekick.

'Quickly Lavenderboy! Into the glittermobile. That dastardly Mr. Hetero is getting away!'

'Oooh Rainbow Man, you're so manly!'

What was the question again? Oh right, right - New Builds. Apparently they're the safest, most clean way of pitching yourself into negative equity.

If I were you, I'd pay off my credit card, save a fatter deposit and forget the New Build crapola.

But that's just me. It's just advice. Go out there and do whatever the f*ck you want to do.

What a knobhead you are

LavenderBoy

Wutang wrote: »

What a knobhead you are

best bit of advice I have heard on this forum !

JPB123

LavenderBoy wrote: »

Thanks ACG ! Just wondered if you would know but some of the FirstBuy schemes I have been looking at have said 'No Deposit Required, *Subject to Criteria*, You wouldnt know what the criteria is out of interest, Thanks !

There is 1 lender that will do 1st Buy 80/20 Shared Equity with no client deposit. Not available direct though.

Speak to the Financial Advisor covering the site.

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