Is buying a house in my current situation possible?

Melissa177

Bedz wrote: »

Hello there moneysavers! I am just posting to see if you can help me please. Pretty pretty please. (Also sorry if this is in the wrong section)

I'm 19, currently still living at home. I've come to the decision I NEED to move out, and I would much prefer to buy rather than rent as I feel it's just money down the drain as it were, but I'm not sure if this is possible in my current situation.

I'm currently looking for a studio apartment close to work, which generally are on the market at around £90,000~.

My finances are detailed below:



I have started doing some research on different types of mortgage and I believe a fixed rate mortgage which allows overpayments would be the most suitable, however I am definitely open to advice.

I haven't started to contact any mortgage brokers yet due to fear of being laughed out the door, so I just wanted to test the water.

I also have a salary review very soon and my boss is a fair man. If I can show him why I need the increase and how much, he will do his best to make it happen. Also do banks take into account the nature of your profession? I ask this because I work at a consultancy firm with great job prospects and I am soon to be a trustee of a charity associated with the business.

If you think I'm daft, or if you think there is someone I should seek help from etc, please do not hesitate to let me know as I'm open to all advice.

I thank you for even bothering to read this as I'm in a bit of a rut with this and it's good to get it all out.

I agree with the comments that others have made - and I very much doubt you could afford 650pcm on a 15K salary.

I remember struggling with 500pcm when I was on about 22k (albeit in London). Then there are bills, council tax, and all those other things you currently don't have to pay for (or pay very much for!)

I love your enthusiasm though!

I think you should plan how to get the flat you want, how much money you will need, what salary you will need to earn to get it. Good luck!

Lavendyr

PasturesNew wrote: »

You don't get a salary increase by showing your boss how you spend your money.
You get a salary increase by showing him how/where you made HIM more money.
Think about how you have brought extra benefit to the company since you joined them. How have you made them more money. How have you saved them money. Work out the maths....

THAT is the way to get a rise.

Absolutely. I am on great terms with my boss, and although he is aware of my financial situation, I would still never go to him and show him my finances and use them to ask him for a raise. Anything I get, I make sure I earn through hard work and achieving (or overachieving on) my goals. Rather than showing your boss how much money you need to live on, show him why you are such a great employee that you deserve more money.

Sapphire

You are terribly young to be thinking about buying a place! When I was 19 it didn't even enter my head to buy property. I was too busy having fun and being foot loose and fancy free. People lived in rented bedsits and tiny flats, and were very happy doing that.

Avoid tying yourself down like that. I didn't buy a place until I was 28 or 29. You've plenty of years in which to saddle yourself with an enormous debt.

Why is it that people of your age are talking about buying property these days? Is all the propaganda really that effective?

david29dpo

I like your comment about not buying something if you cant afford it, good for you!