Single person wanting first home

Sncjw

I'm single and il probably will be for a good while. Anyways I'm trying to save up for a deposit I have about 5-6k already. I don't know how it would work for a single person nor how much I would get.

I earn 15k a year before tax. I have credit card on day to day spend under £500 a month. I have a phone bill of £20 a month I pay board of £100 a month and I think my mother is saving it up secretly but I know.

I don't have travel costs as I have a disabled bus pass.

Any help would be great

AFF8879

Whereabouts do you live? Most you'd probably be lent is about 70k, but as you only have 5-6k of savings it's unlikely you'd be able to afford a property more than £60-£65k given you'd also have to pay solicitors, stamp duty etc out of that. That's on a 95% LTV mortgage ie you pay a 5% deposit.

If you live somewhere with dirt cheap property prices e.g. parts of Wales or Merseyside, etc then it might get you a decent-ish flat or small house. If you live in the South East it might just get you a garage or parking space, even studio flats start at £100k+ unfortunately!

Hope all goes well.

Sncjw

I'm
Not wanting to move anytime soon as I'm building savings up
More and more.

I live in north easy

Sncjw

Any other help

tomtontom

Sncjw wrote: »

Any other help

It's not clear what help you're looking for, beyond that which AFF has offered. Have you looked at local house prices?

Thrugelmir

Have you opened a Help to Buy ISA?

HappyMJ

Sncjw wrote: »

Any other help

Save....

What are you spending £500 a month on?

Look at what you are spending and look at ways of getting exactly the same but for less. Use vouchers, coupons, get cash back, etc...save the rest.

Get a cheaper mobile.

I personally pay £0 every month in mobile costs. I did buy the phone outright but you can pick up a phone for very little. You then need to shop around for a good tariff and use free options whenever possible. I use Whatsapp and Messenger for free calls and texts to others using wi-fi data wherever possible.

Sncjw

The phone is on a sim free rate the phone is bought outright.

I do use coupons and vouchers. I known to be tight. I don't tend to go over £500 a month. It goes on food, shopping, essentials. Day to day spending, also my board but that comes out my current account.

I've looked at houses in my area but I don't know what exactly k want . I know I need to be near the metro and houses around 70-100k

Sncjw

I have a htb isa with nationwide but haven't put anything in since opening as I was going to move it over to the isa to 4% at Halifax when they announced the no tax on personal savings. But then Halifax reduces it rate

HappyMJ

Sncjw wrote: »

The phone is on a sim free rate the phone is bought outright.

I do use coupons and vouchers. I known to be tight. I don't tend to go over £500 a month. It goes on food, shopping, essentials. Day to day spending, also my board but that comes out my current account.

I've looked at houses in my area but I don't know what exactly k want . I know I need to be near the metro and houses around 70-100k

That's what I'm saying £20 a month for a SIM only contract is very very expensive. I pay £0 per month for 100 mins, 250 texts and 200Mb of data and my partner pays £5.50 per month and she gets 1,000 mins, unlimited texts and 3GB of data. We're with TalkTalk.

You can do much better than £20 per month.

Daisydoop

Every month that passes where you don't pay into your help to buy ISA you lose £50 bonus towards your deposit. Over a year that's £600, when you open it you can open it with £1000 and pay in £200 a month, your post makes it unclear if you actually have a help to buy ISA already or just a regular ISA with Halifax so if you already have a help to buy ISA you may have missed the opportunity to pay in the £1000. They really are worth the effort at £50 bonus for every £200 paid in. That's £25% back plus interest. You'd be mad not to take advantage of it.