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First time buyers - Help please!

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  • Novice_investor101
    Novice_investor101 Posts: 881 Forumite
    Eighth Anniversary 500 Posts Cashback Cashier Energy Saving Champion
    edited 10 March 2018 at 11:40AM
    I bought my first house 5 years ago as a single applicant earning £21000 a year, at age 31.
    I paid £100,000 for the house & had a 25% deposit. I only managed this as I (by sheer luck) bought at the bottom of the last slump & had saved, saved, saved for about 10 years (& had a personal injury claim payout from my employer after a serious accident at work).
    I started with £50k in savings and by the time I'd paid the deposit, surveys, fees, solicitors etc & then building work & furniture, I had about £7k left.
    All this was well in budget.
    A high deposit meant I could get a good mortgage deal & and also that I could afford to quit a terrible job & start again in a much better one.

    You need to prioritize saving for a deposit & costs. Unfortunately, £6k will not get you far & houses are now much more expensive. Identical houses on my street & nearby are up for nearer £130k these days.
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