getting house with £50,000 deposit?

thewinkshow

hi there,im a single male 22 from the north thinking of buying a 2/3 bed semi for around 90,000 to 100,000,my parents are giving me half the house price which im useing as a deposit,so ill have a £50,000 deposit.i earn £14000 PA i have no debts or other bills whatsoever,will buying a house be feasable or will it cripple me?i bring home about £900 per month.id be looking for a £50,000 mortgage over 30 to 35 years,ive seen that this would cost me roughly £280 per month.then id have to take care of all my bills,could i realisticly cover these?council tax water gas elec e.c.t how much they likely to be?do single people get a 25% council tax discount?any other advise and tips welcomed

Tustastic

Hi Winks, you are very lucky to have such generous parents so do make a wise property purchase with the money - and do remember that one day your parents [STRIKE]might[/STRIKE] will need an equally big no-strings-attached present from you. Might be something easy like money or something hard like long-term time and effort, even if you are a busy married man with kids.
I agree with propertyinvestor about going for a freehold house. I would also suggest you think carefully about whether you would be able to do up a place which needed a lot of work on it.
If DIY is not yet your thing, perhaps best to buy a slightly smaller place in up to date condition and use it to learn how to do the simpler home maintenance. On your current salary, you do not have much slack for paying for home improvement materials etc. And if you think about getting a loan or increasing your mortgage, visit the debt-free-wannabe boards to see how NOT to do it.
HTH and enjoy the house-hunting

thewinkshow

thank you for the encourageing replies much appreciated.i see what your both saying and will defo be looking for freehold properties,i also hope to be earning more in the future but want to get on the ladder now as it seems to be getting harder and harder.i know i will have to run a tight ship and be very savvy with my money but its a challange im looking forward to as well as the independance.

kissingthepink

If you are buying a 2 or 3 bed house and find it financially difficult you could always get a housemate in and use their rent to boost your income. Some people prefer not to share their living accommodation with anyone other than a partner (I am one of them), but is nevertheless an option to bear in mind.

AndrewSmith

Propertydealeruk wrote: »

Hi,

A £50k Mortgage at 5% is around £210.00 per month, you can claim a 25% Discount off Council Tax as you are single.

Then add up costs for Gas, Electric bills, Water, Household Insurance - Contents & Buildings.

Best to buy a Freehold House if possible, if you buy a leasehold flats - you have to add on top of bills, Service Charge, Ground Rent etc

Good Luck,

Alan




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Mortgage Broker - Sorry, cannot mention my website address

Propertydealeruk,

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