Getting a mortgage quickly

Tomrun93

Hi everyone

I need some advice

I just found out I'm going to be a dad for the first time
Because of this I realised I need to own my own home
I'm on a decent wage and can save a fair amount in the next few months

The question I have
First time buyers how is the best way to maximise any savings to get a small home of my own for my partner me and the future baby ?

Do I go new home ISA and put max in each month / all of my current savings in ?
Do I go brand new build and can I combine the two
Do I get 25% from the government on new builds but they seem to be over priced in my area for what they are ?

Basically what can give me the most amount of opportunity for the least amount of savings ?

Thanks in advanced ?

Phillb87

Hi I am currently in the process of buying a house and i should moving in within the next few weeks so right at the end of it all. With the help to buy isa one thing I wish I knew is it doesn't technically go to your deposit to buy as there are two different deposits. The exchange deposit is what the seller agrees to before the exchange of contracts so in my case 5% plus solicitors fees £12,000 Then I can claim back the £1500 owed to me from my isa 25% which will take my mortgage from £201,500 down to £200,000 So you do get the Money but it defiantly doesn't ever get to your hands.
I wouldn't go for a new build I have heard nothing but trouble and I would stay away from shared ownership as it's easy to buy but not too many people will want to buy part of a property off of you in the future. I went from -£2500 to plus £9000 within a year and it's called sacrifices. Go through your bank statements and cancel anything that you don't actually need to live on it all mounts up very quickly the help to buy isa limits are £1600 when you open it and £200 a month after that if you take any out you can still only pay In £200 a month but £25% for free is pretty decent.
Do you have the option for overtime at work? I know it sound simple but it really is try to earn as much money as you can and try to save as much as you can too. Eat at home don't eat out, when shopping write a list of what you need and don't deviate from it. What also really helped me out was anything around the house that I didn't use in the last year obviously won't be missed eBay it you will be surprised how quickly it all mounts up. I would also download the Amazon auidable 3 months free just remember to cancel in two months and you get 1 free credit for an audiable book for free listen to rob Parsons the money secret and the richest man in Babylon the latter is also on YouTube to get you started they helped me massively the first book is what woke me up and turned my financial life around 180. Good luck with the house and the kid
Phill

Phillb87

Oh yeah I also reduced my pension contributions whilst saving from 6% £250 a month to 1% allowing me to save just over £200 a month additionally. Well worth it, but put the contributions back in when you buy the house as it's your future I didn't care about taking it out of my pension and into the house as that is also investing in my future massively as long as you don't start to eat or wear your pension contributions and you return then then you will be fine
Phill

ACG

What do you want?
If you go down the new build route, they are priced highly, you can get a HTB Loan (bare in mind it will need repaying and it will accrue interest after 5 years), but it can get you a home which in theory needs nothing doing to it once you move in.

You can buy a non new build with as little as a 5% deposit.

You can put money in a HTB ISA which can be used for new build and non build properties but if you buy within the next 6 months, it is probably not much use.

You need to decide if you want a new build or non new build. In any case you will need 5% deposit minimum.

- Congrats BTW, we have a little girl coming up to 2. Love her to bits, but get used to no sleep for the first year or 2.

Tomrun93

Thank you both for the advice
It's really useful
I'll have a look at both way and work out what would be the best way forward
Thanks again