First time buyer with £60k savings.. advice wanted!

greggscott9173852

Hi,


I am a first time buyer and would like to some advice.


My situation:
Earn £52,000 pa which is net £2750 pm. I have £60,000 through savings and bonuses over the past year and only student loan debt. I currently rent and pay £500pm. I expect I will net somewhere between £10,000 and £25,000 over the next year in bonuses although this obviously isn't guaranteed.


I'm trying to work out the best type of mortgage based on my circumstances and how much deposit I should put down. I'm looking at properties around £275,000 -+ £25,000. I'm finding mortgage advisers aren't entirely convincing when it comes to giving me advice. I am based in the North East. Does anyone know typically what level of savings or anticipated future income makes offset or CAM a viable option?


Also, rather than live alone and pay a large mortgage myself i'm considering renting out two rooms to young profs or mature students for £400pm. Does anyone have any experience doing this or think it's a good/bad idea?


Finally, does anyone think I should continue renting or get a cheap mortgage and invest the extra capital and income?!


Thanks for any help and advice...


Gregg. A newbie poster but regular reader!

Miss_Sparkly_Star

You're in an enviable positition..well done on saving all that deposit, you will get a fantastic first house in your position.
I'm very, very jealous but wish you well..lol!!:beer: