First Time Buyers?

lawriejones1

I wouldn't worry too much about all the comments on here. People seem not to live in the real world sometimes, saving every penny they earn so that they can live like a king when they're 85!

I earn twice what you earn and I would struggle to save £1,000 a month.

Your parents sound very generous, and I think that - in terms of affordability - it's not a problem. On your combined earnings you could borrow a lot more!

If you can get 15% deposit - and the £3,000 that moving is likely to cost you - then it would seem like a reasonable shout. As one of the early posters said, have a chat with a broker who can help.

Buying a house can also put a lot of strain on a relationship, so make sure that you are both in the same place and that your parents are happy that the money is going to both of you.

Buying a house also raises lots of questions about security (how will you pay if you are unemployed?) and the morbid stuff like having to get a will etc. Be ready for that too.

I certainly benefitted from the support of friends and the advice of local experts, so ask around amongst colleagues, family and friends for recommendations.

And finally, don't focus too much on your house or money. If it doesn't work out now, it will in the future...

lawriejones1

somethingcorporate wrote: »

You living with almost no overheads, a good salary and NO SAVINGS would ring massive alarm bells for any lender and rightly so.

No it doesn't. They don't care that much unless you're off living the high life or have a credit history littered with defaults.

At 25 I had a room full of guitars, a credit card debt through the roof, a powerful and pathetic car (that I assumed said lots about my manhood) and a seemingly insatiable appetite for booze and fun.

I think this lady seems entirely sensible, so good on you.

demontfort

elsen wrote: »

Wow, lots of "friendly" negativity here, thanks.

My partner spent 8 years in a relationship where he looked after himself, his partner who had "depression" and refused to work and her two teenage children. Yes, this was his mistake to make, and he is now paying for it. He has a large amount of debt, mostly credit cards, due to this. He has spent the past three years trying to get out of this debt, so his spare cash every month is spent on trying to pay off his debt.

My outgoings each month go on running a car, living 200 miles away from my partner and commuting to and from work. I also pay for all my own bills at home - phone, food, drink, pet insurance for three animals.

I don't understand how I would put 1k aside a month if my take home is 1,400 (I am paying in to a pension scheme as well as tax). I am also paying off my own credit card debts of £300 a month.

I will not be getting pregnant in the next couple of years. This is a fact. The flat has a garage, a garden and a second parking space. Moving costs are minimal (the flat is 3 houses down from my current home), furniture is all already bought (as my partner's house was unfurnished on renting and therefore everything in it is his). Tools are also not a problem, as my parents have all the tools we need and *want* to help.

Thank you to those offering advice, to those making derogatory comments, no thanks given at all.

So essentially putting all the above excuses aside what you are saying is that despite a healthy joint income you are both useless at managing your finances. Well your parents may have bailed you out this time with the deposit but if you do get a mortgage you'll have to learn how to handle your money else the bank will soon be knocking at your door.

Take the critiscism on the chin and learn from it. It's best people on here are tough on you as the lender will be equally tough when it comes to examining your finances. After all would you lend almost £100k to a couple who could barely save a bean. :rotfl::rotfl::rotfl::rotfl:

lawriejones1

That's a bit harsh, isn't it?

Martin Lewis' own advice is to pay off debts before saving - which is what this young lady is doing. It's fine to be sanctimonious and judgemental on a forum, but life isn't lived on a spreadsheet.

If the couple have the deposit - gifted or not - and the means to pay what will be a very low mortgage, then I can't imagine a lender being that concerned.

amnblog

Perhaps the two of you should rent together for six months first.

Presumably one of you is going to have to move 200 miles so it might be worth making sure you don't want to kill each other before you invest your parents cash.

Mortgage lenders will wonder about your continued career and income on a 200 mile move.

Bufger

elsen wrote: »

Wow, lots of "friendly" negativity here, thanks.

My partner spent 8 years in a relationship where he looked after himself, his partner who had "depression" and refused to work and her two teenage children. Yes, this was his mistake to make, and he is now paying for it. He has a large amount of debt, mostly credit cards, due to this. He has spent the past three years trying to get out of this debt, so his spare cash every month is spent on trying to pay off his debt.

My outgoings each month go on running a car, living 200 miles away from my partner and commuting to and from work. I also pay for all my own bills at home - phone, food, drink, pet insurance for three animals.

I don't understand how I would put 1k aside a month if my take home is 1,400 (I am paying in to a pension scheme as well as tax). I am also paying off my own credit card debts of £300 a month.

I will not be getting pregnant in the next couple of years. This is a fact. The flat has a garage, a garden and a second parking space. Moving costs are minimal (the flat is 3 houses down from my current home), furniture is all already bought (as my partner's house was unfurnished on renting and therefore everything in it is his). Tools are also not a problem, as my parents have all the tools we need and *want* to help.

Thank you to those offering advice, to those making derogatory comments, no thanks given at all.

Lots of people on here have had bad financial experiences and are now sorted. Take advice from the people that have been there and done that.

I will not be getting pregnant in the next couple of years. This is a fact. Its only a fact if you're not having sex or if one of you has been deemed infertile. Any form of contraception carries risk. I said the same thing and had 2 within 2 year whilst using contraception.

200 miles is a crazy distance to live away from each other. Why are you so against renting first and seeing how it works out? A mortgage is a massive financial tie in and if you decide its not for you its not so easy to just leave and get out of the situation.