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Getting started as a FTB - saving a deposit
Spirit_2
Posts: 5,546 Forumite
Our daughter spoke today about saving up for a deposit.
DD is 26, pays into an occupational pension, has a very small student loan, no debts and her only credit agreement is the contract for her phone. She lives at home and over the last couple of years has paid for her car and fees for MA. She is currently saving in a HL ISA, this will fund a month backpacking planned for later in the year. She does pay us house keeping and is financially independent of us, she seems am very happy with how she manages, she is not frugal, is generous and fair but no fool with money.
Her plan is to start saving for a deposit after her return from travel. She will save over a period of 2+ years. She has a planned level she expects to achieve. If she does this we will double what she saves. Thirty one years ago my mum lent us the deposit for our first house, we are happy to do what we can for the next generation. We realise the mortgage world is changing and are looking for current information to help give her some direction.
What advice can you knowledgeable people offer about what she needs to do to organise herself to be in the best position to get a mortgage agreed in 3 years time. Where should she save and what financial track record does she need to build up.
Many thanks
DD is 26, pays into an occupational pension, has a very small student loan, no debts and her only credit agreement is the contract for her phone. She lives at home and over the last couple of years has paid for her car and fees for MA. She is currently saving in a HL ISA, this will fund a month backpacking planned for later in the year. She does pay us house keeping and is financially independent of us, she seems am very happy with how she manages, she is not frugal, is generous and fair but no fool with money.
Her plan is to start saving for a deposit after her return from travel. She will save over a period of 2+ years. She has a planned level she expects to achieve. If she does this we will double what she saves. Thirty one years ago my mum lent us the deposit for our first house, we are happy to do what we can for the next generation. We realise the mortgage world is changing and are looking for current information to help give her some direction.
What advice can you knowledgeable people offer about what she needs to do to organise herself to be in the best position to get a mortgage agreed in 3 years time. Where should she save and what financial track record does she need to build up.
Many thanks
0
Comments
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Make sure everything is being paid whilst she is travelling, we often see issues cropping up whilst people are away that dents their credit file.
A permanent employed position when she comes back is easiest for mortgage application. If self-employed she will need to be trading 2 years to have a wide range of options.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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 -
Make sure everything is being paid whilst she is travelling, we often see issues cropping up whilst people are away that dents their credit file.
A permanent employed position when she comes back is easiest for mortgage application. If self-employed she will need to be trading 2 years to have a wide range of options.
She has a substantive job and almost 10 years of continuous service as her sixth form job continued through both her degrees and she stayed with the same employer post grad.
It is only a month but thank you for your good advice concerning being assured about commitments being met.0
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