Help with savings for mortgage, what do I do?

trance14

Hi all, first of all I would like to thank you all for viewing this post, I am completely new to the forums part of MSE and decided to come on here just for a bit of help and advice from you guys to keep me on the straight and narrow :beer:

I would like to apologize if this post hasnt quite been posted in the correct catagory of the forums page, if a mod would like to move it I would appreciate that.

So, my name is Michael, I am a 23 year old qualified electrician living at home still with my mother. I currently spend most of my week living in hotels away from home due to work. My girlfriend who is currently 27 years old is having a change of plan in her career and fingers crossed will be starting at a university this September to study occupational therapy. She is still living at home with her parents too.

We are getting to the stage now were I/we want our own place and I am in a posistion to buy. I have saved up a total of £40k since leaving school.

The problem I have, and the reason I am here is because in September when my girlfriend starts university, unfortunately the university isn't going to be local, thus meaning we/she is going to have to move. Without causing arguements too much I have told her that I would prefer not to move away with her and rent due to the fact I want to get my self on the property ladder and I personally think 3 years of renting and paying someone elses mortgage is going to cost a lot of money and a lot of time!

I need advice on what to do, shall I buy a local house now? Bear in mind that house will be empty for at least 5 days a week due to us being away. Do I put my £40k in some sort of savings account? Or do I go ahead and rent a place to live for 3 years.

Please any help is hugely appreciated on this gloomy Sunday afternoon!

I havent even considered if I can get a mortgage yet either, I am recently self employed (1 year ago) and my partner currently only works part time on near enough the minimum wage.

Thanks everyone, have a lovely day and remember, keep on smiling :rotfl:

xylophone

You could stay with mother while she is at university and continue to save the deposit for your property.

You could each open a help to buy ISA.

https://www.helptobuy.gov.uk/?utm_source=ppc&utm_medium=cpc&utm_campaign=htb_nov_mar&gclid=CLnez4C9wsoCFQoCwwodJwYPKg

http://www.moneysavingexpert.com/savings/help-to-buy-ISA

You could make sure that your £40,000 is earning as much interest as possible by using high interest current accounts.