1st Time Buyer (another one)..

Rabiddog_2

I'm sure if she could afford a two bed home then she would'nt have so much of a problem, in the first place?

Melissa177

I was almost in an identical situation to the OP about three months ago - 32K salary, 16K deposit. I bought somewhere for 165K (in Battersea) on an interest only basis. I calculated that in the first five years, I would pay off 12K of my mortgage - so I have set up a regular savings account at a higher rate than my mortgage interest rate (5.4%) that I pay money into on a regular basis, and plan to save at least 12K over the next five years (I fixed for five years for security - didn't want to be biting my nails over rate rises!)

If I am tight on money one month, at least I know I've only got 650 going out each month on the mortgage, rather than 900 pounds.

I think an interest-only mortgage is a good idea if you are young and want to get on the property ladder, as long as your wages are rising. My big risk is if I was to lose my job, but due to the nature of my work and my employer, that is fairly unlikely.

MortgageMamma

herbiesjp wrote: »

MM

Dont make it any worse for us Londoner's!

lol :rotfl:

I'm in the same boat as you Londoner's I actually rent my house as I can't afford to buy the type of property I would want/need

I sold last house to set up business and pay off debts and I'd need one hell of a deposit to buy which I just dont have

If I ever buy anything though it would only be the house I currently live in because I am so totally in love with it, and I mean LOVE. Its my pride and joy and it isnt even mine. My views on the necessity and urgency of home ownership changed when I moved in here