Any help.

Jimmyc

Im late 20's now and and i am still living t home. I have 40k saved up and i am desperate to move out. Feel very depressed living at home. House prices and rent prices are rediculas in the area i live in. A very basic 1 bedroom flat is 150k if lucky. I only earn 20k :-(, is there any government schemes that eould help me buy apart from part own part buy? I have looked at them and the50% rent wouldbe higher then if i would have mortgaged the 50%

chrisfurbs

Google government housing scheme 4th one down shows you the options

System

Would renting not suit you better? The only problem with earning as much as you do (same as me) is that we wouldn't get much from the bank...so you'd have no chance of moving anywhere decent and being able to afford it. What you don't want to do is go to your upper most limits then find yourself sitting at home all day because you can't afford to do anything else....it would be awful. At least if you rent you have the option of moving again easily. Once you buy a property your stuck in it. My partner and I are trying to sell our apartment which we brought in 2008 but 1. can't get enough back for it, therefore in negative equity 2. just can't get the money together for full 10% deposit, fees and money for outstanding amount on mortgage.

We are also in our 20s and expecting our first baby. I really wish we didn't buy it but was living with OH's mum at the time and desperately wanted to move out. I'd really suggest looking at renting. Either that or a scheme with the government as suggested by Jimmyc.

All the best anyway.

Jimmyc

Ive had a look at government schemes and they arent overly impressive. I just dont want to be in the rent trap, at least with mortgages they will aventually get paid off.

Stingy_3000

Could you buy a flat with a friend in a similar situation and a view that one of you could buy the other out in say 5 years time?

Or rent & share the flat with someone (friend or lodger) so that you can continue saving for a deposit while your salary increases and buy a flat only then?