First time buyer advice

Rdbcfc14

It's all my compensation, I've been told to be able to take it out of my savings account it'll have to be taken out all in one, at a cost. So it's all going towards the deposit.

shortchanged_2

Rdbcfc14 wrote: »

The £21,000 comes from my savings yes. It's compensation I received due to a situation in my childhood.

So you haven't actually saved this money over the past few years.

I'm only trying to gauge your ability to save/underspend.

kingstreet

Ok.

So earning £20,500 per annum, you've not managed to put anything aside, but are confident you can pay your mortgage and associated costs and still save for unexpected expenses and emergencies?

Like I said, PLEASE consider very carefully what you are doing. A forty year term may be a solution, as is a lodger, but relying on them may simply be masking the truth - this is too much for you to take on.

I'm going to leave it there. As I said, think carefully and good luck to you.

Rdbcfc14

No none of it has come from me saving, it's all compensation. I have been planning/working out costs etc for weeks now, I am confident of taking this on. I also have the luxury of family support if ever needed but I would never want to rely on them if I could. Thank you both for your advice.

shonzyd

£350 per month for the mortgage? how did you work that one out? over what term and what rate?

Thrugelmir

Rdbcfc14 wrote: »

The bonus is guaranteed.

Unusual. A bonus will normally depend on performance being achieved of some kind. So is never 100% guaranteed. To rely on one is therefore dangerous. As nothing stays the same for ever in this fast moving world.

jamesml

Whats the position with the free conveyancing? I was offered free legal as part of my purchase. At the end of the day, I think that someone's loyalty will always be impacted by whoever is paying them. So if you aren't paying them, who is to say that they will be acting with your best interests at heart?

Rdbcfc14

The job I do requires me to sleep in overnight, which is classed as a bonus. It is a requirement, so virtually guaranteed. The free conveyancing is the offer from the estate agents if I do go for the house, but I don't 100% trust it.