Scary Stuff!

Phirefly

Anyone who has managed to save that much money on an apprentice salary must have their head screwed on financially. I think whatever you decide, you'll be fine. One thing though, make sure the person advising you on your mortgage is FEE FREE and covers WHOLE OF MARKET.

Zebedee69

Hello,

Thats great saving all that money!

Only thing I would have said was move into a rented place for a few months. If you can live okay like that you can live with a mortgage too because renting tends to be more expensive.

moneysavinmonkey

Zevedee69 - what makes you say renting is more expensive than buying??

- Rents at the moment are usually the same if not less than a interest only mortgage (although historically this was not always the case)...

- If you rent furnished you don't need to shell out for furniture etc.

- If your renting a flat often the landlord pays things like service charges for you.

- If the boiler breaks down/ tap springs a leak/washing machine packs in - then your landlord will pay to have this fixed for you

I can't think of anything to do with renting which costs more than buying??

Phirefly

I agree, renting is definitely not more expensive than buying in this case. I live pretty close to the OP and our rent was 40% less than our mortgage on exactly the same property (a 2 bed end terrace in a good area). Thats with a repayment mortgage and 5% deposit.

poppy10_2

Sounds crazy to move in with someone for the first time and take out a mortgage with them without knowing if you are compatible.

lizzymouse

you should definately definately rent before you buy!! my husband and i started renting 16 months ago, married 6 months ago and are still getting used to living together!! renting will also allow you to start budgeting together without commiting yourselves to a mortgage just yet which would be a real mess if it turns out you can't actually live together happily. please rent first- good luck

HugoSP

If they want to buy, good luck to them. They just need a plan B if they split up. This may involve an agreement as to who gets what if it were to happen, to be reviewed later.

carolt

HugoSP wrote: »

If they want to buy, good luck to them. They just need a plan B if they split up. This may involve an agreement as to who gets what if it were to happen, to be reviewed later.

Or they could just rent first, saves complicated Plan B arrangements...

porkpie123

I must say i am amazed at all your help i thank you all. we will talk this weekend about the renting/buying situation.
in other news, i have been just ringin around about mortgages, my financial advisor came up with - £635 a month, 2 years fixed rate. however, i then rang around a bit more and offered ppl to beat it and got £635 fixed for 3 years!
anyways, then i got a call from another EA and he said a new mortgage is coming available this friday, which i cant remember the exact figures but it was about .15% less than what these other quotes are, and fixed for 5 years.
what do we think of these sort of mortgages?
and yes renting is defo something we gonna talk about. cheers again, one word for you geezers, 'amazing'.

SquatNow

Simple rule... you need to have 1/4-1/3 of you monthly income classed as disposable.

Stuff always comes up... car problems, boilers, clothes, etc etc

This is what catches most people out... they do their mathes and work out what then can afford, then the car breaks down and they are f***ed.