What are my chances of owning my own home?

Smodlet

What an amazingly inspiring tale, Small Yeti! I am so glad you walked away from the flat with the "sitting landlady/concierge/vendor from hell". Best of luck with your move and I hope you and yours will be very happy there.

So, OP, it can be done with sufficient self-discipline. I had decades of saving every penny (I am tighter than a camel's bottom in a sandstorm) without which, we would never have accumulated the deposit for our first or second house. Best of luck to you, too.

enthusiasticsaver

If buying a house or flat is a priority for you and you are willing to make sacrifices (ie expensive cars and holidays) then certainly it is possible on your income.

You need to first of all focus on clearing the debt then when it is gone put the same amount into a help to buy isa if they are still doing them. You would need preferably a 10% deposit although some will do 95% mortgages but if it is just you I would go for 10% and remember to save at least £5k for costs etc. On a low amount like £100k then stamp duty should not be payable but there will be mortgage and survey costs and solicitor and search fees.

zackyv6661

Thank you for all the replies!
I'm feeling much more positive and optimistic about owning my own home one day
I have amended my budget for the next year and, if all goes to plan I will be completely debt free by December next year, when I can start saving for my deposit

united4ever

why not try and get a second job? even just a seasonal one, with the run up to xmas there will be lots of seasonal work over weekends, evenings. That would surely speed things up and if you stick at the part time job for six months or more a mortgage lender would likely consider it when deciding what they would lend you.

Small_Yeti

Hi Smodlet,

Thank you for the good wishes. We're hoping this one goes through smoothly. It's just down the road from the original place and we are very excited about this one!

Zachyv you definitely should feel positive. You can absolutely do it and I know you'll get your home.

Smodlet

Zackyv, I do apologise for this digression on your thread, I hope you will forgive it.

Hi, Small Yeti!

Well done, you. I happened across another of your posts about insurance risks yesterday and found it very informative. You are clearly a great contributor to this forum as you offer excellent help and information as well as raising (for those of us not personally involved) interesting conundrums. Thank you.

Sorry, zackyv, wishing you all the best and thank you for your indulgence.

Small_Yeti

Thank you so much Smodlet - that is very kind of you to say.

catshark88

Have a look on the debt free wannabe and MFW pages. So many great ideas on how to save unfeasible amounts of cash. Good luck OP, you can do this.

peld

you can certainly find a decent one bed flat under £110k in many parts of Edinburgh - a 95% mortgage would be less than £600pm too.

ST1991

My sister recently purchased on her own.
It is a 1 bed-flat for £105K and she earns about the same as you, finished paying off credit cards etc beforehand.
She only needed a 5% deposit, with a 95% mortgage - but as the purchase price was so low her monthly payments were cheaper than you could rent a 1 bed flat for in the area (she pays around £300-£400 per month)