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1st Time Buyer - Where do I start?!
forsya
Posts: 251 Forumite
Hi everyone
I m currently living at home and looking to move out, I was looking at renting, but at the age of 27 don't really want to go back to shared accomodation like when I was a student, and am keen to get on the property ladder.
Kindly my mum has offered to help in some way, be it pay deposit or share mortgage (she obviously wants something back out of it). I just don't know where to start or if if is at all possible doing it on my own once my mum has help me.
I am only on £23,000 could I afford a mortgage on this? I have heard something about parents being a guarentor? Will anyone lend me money on my own? Is it the bigger the deposit the more they lend you?
I just don't know where to start, do I talk to banks, do I need a FA? I have started looking at flats on web just out of interest, very expensive where I live, but I would love to own a place (and owe my mum!)
Any help would be greatly appreciated!
Thanks
xx
I m currently living at home and looking to move out, I was looking at renting, but at the age of 27 don't really want to go back to shared accomodation like when I was a student, and am keen to get on the property ladder.
Kindly my mum has offered to help in some way, be it pay deposit or share mortgage (she obviously wants something back out of it). I just don't know where to start or if if is at all possible doing it on my own once my mum has help me.
I am only on £23,000 could I afford a mortgage on this? I have heard something about parents being a guarentor? Will anyone lend me money on my own? Is it the bigger the deposit the more they lend you?
I just don't know where to start, do I talk to banks, do I need a FA? I have started looking at flats on web just out of interest, very expensive where I live, but I would love to own a place (and owe my mum!)
Any help would be greatly appreciated!
Thanks
xx
Became debt free in 2007 after having £15k of debt. Have been a stranger to MSE and now want to get back into my old MSE habits and save, save, save
0
Comments
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1 st thing is how much would you needI like to give people as many choices as possible to do what I want them to. (Milton H Erickson I think)0
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How much are the flats that you are looking at?0
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Well you can get a mortgage - it just depends on how much you want.
DO you have any debts in the background at the moment?
Do you have a good credit history?I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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