Advice Needed

JBRADY955

Hello,
I am currently 17 years old, I left sixth form after a year and I'm currently working in Central London earning £20,200 a year. I need some advise when it comes to purchasing a first home. My question is very basic - what should I do? I believe my salary will have increased by at least £6000 in the next 4 years. I currently live in Southend and pay £240 a month to travel to and from work, preferably I would like somewhere closer to London. I am completely new to this and all I know is that I would like to live somewhere closer to London. Any help is appreciated, apologies for the 'vagueness'.
Thanks,
JB

danlewi2

stay at home and save

Slithery

Save all of the money you can then come back and ask again when you have enough for at least a 5% deposit plus another few grand for buying costs.

Comms69

JBRADY955 wrote: »

Hello,
I am currently 17 years old, I left sixth form after a year and I'm currently working in Central London earning £20,200 a year. I need some advise when it comes to purchasing a first home. - if you are planning to purchase in London, you will need to save a lot more. My question is very basic - what should I do? I believe my salary will have increased by at least £6000 in the next 4 years. - perhaps, but in real terms that increase is negligible. I currently live in Southend and pay £240 a month to travel to and from work, preferably I would like somewhere closer to London. - or find a comparable job more locally? In essence you are earning £16/17k a year. I am completely new to this and all I know is that I would like to live somewhere closer to London. Any help is appreciated, apologies for the 'vagueness'.
Thanks,
JB

Obviously aged 17 you cannot purchase a property anyway, but I expect this is a more long term plan discussion

danlewi2

Open a help to buy ISA or a LISA - plenty of info on the differences.

hazyjo

I travel in from Leigh and would advise paying the travel still - will be a whole lot cheaper than buying in London! If you're willing to stay in the area, that is.


Appreciate it's an hour each way so if the distance is a prob, I would suggest considering somewhere like Basildon that's still affordable with trains of around 32-40 mins into Fen St.


Your salary is still considered low for London. I would concentrate on trying to increase that, and obviously save as much poss. Good advice above.