First time buyer

sazaccount

Good afternoon all,

I was wondering if I could get some help for the forum

I'm looking to become a first time buyer, not sure if I'm jumping the gun a bit.

I have a job interview on Friday for an amazing job, I currently work as a receptionist which I have a live in position and pay minimal rent for a room it's just above the nmw. The new job is going to be around £21500 a year which is around 9 grand more than I'm on now!!!!!

If I get the job it will mean moving back in with my parents which I think I will last around 2 months before it gets too much, Ive lived on my own for the last 8 1/2 years.

The only out goings I have are: car loan - which will end in sept it was a personal loan so no balloon payment etc.
phone - currently £10.50pm
Netflix - £4.50 as half with my family
Car insurance - £19 pm

I currently have around £3000 in saving so far with another £1250 due in April and my parents have offered to help with buying my first home:D I could also sell my car and get a little run around and release around another £4000.

Where do I start? Do I start with looking at morgages or do I start looking at properties? Where the job and my parents live properties are quite cheap, around £80,000 for a 2 bed either flat or little house

Sorry it ended up being longer than I expected if I don't get the job I'm planning on going travelling again :rotfl:

Thank you x

lpp1980

Congratulations on the new job. I would leave buying a property until later in 2015. This gives you more time to save and see what happens. I say wait, because I believe property prices will stagnate this year and rise very little (if at all). Interest rates will definitely rise and the general election may impact the housing market too. For me, it would be too uncertain to take the risk now.

Save what you can, while at home. A £80k home is modest, but even a 10% deposit would be £8k. You'll need this to get the better mortgage rates. Also check your credit report, as banks are more strict with their lending these days, especially with the new MMR rules. There could be things on it, that you don't even know about.

derbyshirenick

Keep in mind that banks are currently flat refusing to take on applicants who have not been in their current job for more than six months. At least this has been the case for a number of people I know that have recently been turned down for that very reason.

inatdeepend

derbyshirenick wrote: »

Keep in mind that banks are currently flat refusing to take on applicants who have not been in their current job for more than six months. At least this has been the case for a number of people I know that have recently been turned down for that very reason.

Not entirely true BUT I was advised by my mortgage broker to wait until after my 6 month probation period before applying for a mortgage as would have a wider range of lenders to approach.

sazaccount

Thank you

I didn't even consider that I would need to be in the job for some time, this is why I needed the advise just not knowing where to start lol.

I'll just have to brave living at home for a bit longer :eek: I really don't want to rent when I have the option of my parents.neven if I end up going slightly crazy! Lol

I check my credit report monthly my "score" with noddle is 4/5 there's nothing there that would negatively effect an application I have a credit card which I pay each month. Living at home and my pay I have worked out I can possibly save just under a grand a month then from sept there wil be an extra £240 to be saved as well

Thank you again

AlexMac

sazaccount wrote: »

Good afternoon all,

Where do I start? Do I start with looking at morgages or do I start looking at properties? ...

Thank you x

You start by getting the dream job! And to that end (with apologies to other readers that this isn't a "housebuying..." reply but is a bit off- piste/off-post) - use a technique which other have found useful on the day of the interview.

You could call it the "Robert De Niro" or "Merryl Streep" trick (I call it that after the two actors who famously go deep into role when psyching themselves up for a film performance).

On the morning of the interview, you go into role...

... as if you are not really APPLYING for a job, because you've already got the job and have been doing it for months... Dress in the clothes you always wear as the (job title...) , eat the same breakfast the (job title...) always eats, take the usual bus/train/drive to work as you always do, as the existing (job title...).... etc.

So by the time you walk into that interview, you are not someone begging these powerful bosses for a job; you are, in fact, having a meeting with a peer group about how you operate as the (job title...) you already are... with the right body language, the right confidence etc...

Might sound tricky, but as it's often said that members of an interview panel base will decisions on their impressions in the first minutes, or even as you walk into to room.

If you believe in yourself, you can pull it off! Good luck. You don't really want to go travelling to Bali, or Goa, or wherever... do you?

Good luck (oops- sorry; you don't need luck)!

rosie383

I love it! Thanks Alecmac.