FTB advice

SuboJvR

Try not to feel too rushed by the offer from the cc company as well. You will find over the years they will continue to want to throw 'money' at you. I don't think there's a day go by I don't have some valid offer or another on mine! The more you ignore them, the more they send! :-)

I found it hard to find new builds online as such but when we actually drove around we realised there were loads that we never paid attention to. All those little yellow signs with houses on. The big builders down here at the mo are Redrow, Bellway, Taylor Wimpey, Crest Nicholson and Bovis.

juniordoc

Be patient and hold out for the 10% deposit, it will be worth it to avoid the risks of negative equity!
Look at your spending and try to really reduce your spending over the next few months to speed up the process.

Tiners

Living at home, earning £30k and you've only managed to save £9k? Where on earth is all the rest of your money going?

OtterBear123

@Tiners

I got a promotion at work in January and haven't always earned that much. Plus living at home for me I still have to pay bills, food and rent.

glosoli

OtterBear123 wrote: »

@glosoli

Good point. Perhaps not very good (or factual) advice from them? It was someone else I believe, it was an operative in the mortgage team at my bank,

It may be possible, but the teams who generate leads to pass onto mortgage advisors in my experience often get the ins and outs of bank policy wrong, or they misinterpret it, and this is one of the times you should take what they say with a pinch of salt until the MA confirms it.

saajan_12

A chunky credit card debt will affect your mortgage affordability calcs, and you don't want to fritter your deposit away on failed mortgage applications. I would save hard until you have a bigger deposit and inch over the 10% mark. Few other ideas:

1) Can your parents let you stay rent free for a couple of months to build up your deposit? For a 120k property, say you're aiming for £15k for deposit + fees. On a 30k salary, say if you take home £2k and spend next to nothing, you can save £6k in ~4months.

2) What size property are you looking at and how many people would be moving in? You could rent a room out to a lodger to generate extra income to overpay your mortgage. If you get a short fixed deal of 1-2 years, you could remortgage to a lower interest rate then as you'll have more equity in the property. However note interest rates are likely to rise at some point..

Crashy_Time

Borrowing money to borrow money to take part in a bubble/Ponzi scheme is the sort of thing they write about in economic history books. Run away from this idea, fast.

OtterBear123

Definitely seems utilising a cc is a BAD idea and out of the question!

@Saajan_12 thanks for the helpful response.

Rent free will not be an option! With minimal spending I reckon I'd be able to save £1,000 - £1,200 per month.

I have discussed with a friend about moving in at some point as a lodger and he would be more than up for it. This could definitely help with over paying. Think that would help outweigh the 5% option? I'll look into the numbers!