mortgage advice wanted please

mowest1962

Hi Advice wanted on my first steps to get on the property ladder,
I'm 21 in full-time employment.
I have saving of £6000 for a deposit. I can afford around £550 a month for mortgage repayments. At the moment i'm living with parents paying only £80 a month board. should i wait and save for a bigger deposit. of start looking for my first property
thank you for any help

inacrisis

Hi,

Have you spoken with a bank/ Mortgage advisor about what kind of mortgage you would be able to get? Then you need to look at houses in your local area and see if you could afford. If you are looking at living on your own you could look at shared ownership? We did that with a shared ownership flat. less deposit needed and it give you a step on the ladder. You still pay a small amount of rent and a service charge but in our example our mortgage is 260/month rent + service charge is 240/month. Our flat was 118k we had 40% share and the flat has just been valued at 137.5k after 3 years. We have 38k on the mortgage to pay off so left with 16k or so equity once we sell after fees etc. We are now in the process of moving up to our own house. Definitely would recommend it if you have a low deposit.

Thrugelmir

Have you opened a Help to Buy ISA yet?

Definately save a while longer. You'll never get a better chance.

MortgageMamma

It all depends on how much you want to buy for, whether you can afford it yet (earnings - living costs - credit commitments).


Speak to a mortgage broker, most would be willing to give you a free affordability assessment and help you work out what your costs would be.


MM