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First time buyer advice needed
Scottishman1
Posts: 1 Newbie
Hey, Long term lurker just got round to making an account here.
So current situation is 21 years old, just started first proper job on a salary of around £25,000. Have around 5k saved already, own car outright and staying at home where i pay very reasonable digs.
I've figured it's time to look at moving out and i've always had it in my head i'd buy instead of rent(renting has just never made sense to me) and have been researching the different options available to me.
1. Use my 5k to get a 95% help to buy mortgage
2. Use my 5k + the government help to buy scheme for new builds meaning i'd only need a 75% mortgage, with the government owing 20% of my house(which i'm not massively keen on but meh, needs must)
3. Save up for a larger deposit myself to avoid the higher mortgage rates a 95% would include.
Pretty much everywhere i read talks about how low house prices are and that now is the time to buy so that kind of puts me off 1 & 2 abit. However i am in a situation just now where my expenditure is pretty low so i am able to save around 1000 per month so it shouldn't be too difficult to add to my deposit.
Anyway any advice/feedback or personal experiences would be appreciated, thanks for taking the time to read!
So current situation is 21 years old, just started first proper job on a salary of around £25,000. Have around 5k saved already, own car outright and staying at home where i pay very reasonable digs.
I've figured it's time to look at moving out and i've always had it in my head i'd buy instead of rent(renting has just never made sense to me) and have been researching the different options available to me.
1. Use my 5k to get a 95% help to buy mortgage
2. Use my 5k + the government help to buy scheme for new builds meaning i'd only need a 75% mortgage, with the government owing 20% of my house(which i'm not massively keen on but meh, needs must)
3. Save up for a larger deposit myself to avoid the higher mortgage rates a 95% would include.
Pretty much everywhere i read talks about how low house prices are and that now is the time to buy so that kind of puts me off 1 & 2 abit. However i am in a situation just now where my expenditure is pretty low so i am able to save around 1000 per month so it shouldn't be too difficult to add to my deposit.
Anyway any advice/feedback or personal experiences would be appreciated, thanks for taking the time to read!
0
Comments
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Scottishman1 wrote: »Pretty much everywhere i read talks about how low house prices are and that now is the time to buy....
I thought house prices are at all time high. Also, i believe if you are in position to buy, it is always a good time to buy.
In your case, if you are able to save 1k a month. I would wait until have a solid deposit.0
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