Starting on & Moving up the Property Ladder - What do you suggest?

EmmasWorld

Hey guys,

In the next couple of years I'll be looking to make my way on to the property ladder at around 26 with my partner. I'm really struggling to wrap my head around the best way to do the property ladder and how you should aim to move up it?

I should have around £60,000 deposit to put down on my first house, allowing some for backup.

I really see there as a few options:

1) Do I aim to go for a 5% mortgage, pay the 20% over the period then make one lump sum payment off the mortgage

2) Do I pay say £60,000 deposit, aim for a house at say £400/month, overpay/save towards my next step up the ladder?

3) Do I got for a slightly larger house off the bat at say £60k deposit and £600/month. Then hope I can earn over than in a bid to move up?

4) Do I go for a mortgage at say 5% or 20k deposit, leave the rest in an investment and hope that grows?

Sorry if this is a bit vague, I've been trying to get my head around this for a while! I know moving is pretty pricy so I'm guessing the best option would be number 3, getting something I could afford sensibly? But I'm trying to think of it as moving up the property ladder etc. and how to do it best.

Would love to know your experiences and what you suggest!

Thanks!