Should i buy a house sooner or later ?

thunderpants_2

Hi all, i've been reading this fabulous site for a while but this is my 1st post. (i hope it's in the correct section!)

I've been pretty damn useless with money most of my life and last summer i started to really try and pay off my £10,000 of debt, bit by bit every month. I then claimed back £2500 in bank charges and THEN got a nice redundancy. So i paid off all my debt (damn it felt good) and went on a nice holiday. When i got back from holiday i landed a very well paid contract job that will enable me to save £2500 a month for at least the next couple of years. Thing is, i don't know what to do with it.. i've just opened an ISA and maxed it this year, i'll max it next year and open some savings accounts but i want to buy house.

Guess the question is, shall i save for a year and get a massive deposit or buy a house now using maybe a virgin one account or similar where i can plop
lots in every month? The house prices rising fast concern me.

Any advice would be fantastic, i'm determined to turn my finances around

Thanks in advance :cool:

toonfish

are you "the" thunderpants?

Get yourself at least a 5% deposit - may need 10% if you are contracting and then look around for a place. Others may disagree but if you can mortgage for a similar amount to renting it has to be a good move.

Well done on sorting yourself out.

gaetss

I would do exactly what toonfish says. Get at least 10% deposit to get cheaper mortgage deals...

thunderpants_2

thanks for the responses! i will stick with the saving for rest of this year and get a nice lump to pop on a house. :beer: