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First Time Buyer Questions
JOD1989
Posts: 11 Forumite
My girlfriend and I are considering buying our first house and have a few questions.
A bit about ourselves. Our combined income is about £58,000. We have a little bit of debt on credit cards (approx £500) and £5,000 savings. Our rent at the moment is £425 as we house share with one of my friends.
We can afford to save approximately £1,000 a month, so if we wanted a 10% deposit on a £150,000 house we would probably have it in the next 12 months.
We are debating about whether we should save for 12 months or whether we should use a help to buy scheme to buy asap (because we want a house asap and we are concerned in case prices rise).
As far as I can tell the only downside with the equity loan (help to buy scheme) are that it has to be a new house. I think what we would plan to do is pay as much as that off as possible before the 5 years.
Another thing I am unsure of is how large a house we should go for for our first house. Does it make sense to get an apartment and try pay as much off as possible or get something larger that we would stay in longer?
Any advice/opinions is greatly appreciated.
A bit about ourselves. Our combined income is about £58,000. We have a little bit of debt on credit cards (approx £500) and £5,000 savings. Our rent at the moment is £425 as we house share with one of my friends.
We can afford to save approximately £1,000 a month, so if we wanted a 10% deposit on a £150,000 house we would probably have it in the next 12 months.
We are debating about whether we should save for 12 months or whether we should use a help to buy scheme to buy asap (because we want a house asap and we are concerned in case prices rise).
As far as I can tell the only downside with the equity loan (help to buy scheme) are that it has to be a new house. I think what we would plan to do is pay as much as that off as possible before the 5 years.
Another thing I am unsure of is how large a house we should go for for our first house. Does it make sense to get an apartment and try pay as much off as possible or get something larger that we would stay in longer?
Any advice/opinions is greatly appreciated.
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