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First time buyer advice

Princess22
Posts: 12 Forumite
Hello, I will be a first time buyer. I apologise if my questions have already been answered but after reading through various posts I am still unclear.
I would like to purchase a property ideally in London but am also happy to look just outside of London.
1) I earn £50k and have currently £11k saved for a deposit which I continue to add too with the intention of having saved between 25k-30k as a deposit. What sort of house price can I look at based on a 50k salary and a deposit of say 25k?
2) Is there a website/thread that has average prices of houses in different areas in/out London?
3) As a first time house buyer, what is the very first thing that I need to do? Would it be to just look at properties that I like the look of? Or would it be getting a mortgage adviser?
I would like to purchase a property ideally in London but am also happy to look just outside of London.
1) I earn £50k and have currently £11k saved for a deposit which I continue to add too with the intention of having saved between 25k-30k as a deposit. What sort of house price can I look at based on a 50k salary and a deposit of say 25k?
2) Is there a website/thread that has average prices of houses in different areas in/out London?
3) As a first time house buyer, what is the very first thing that I need to do? Would it be to just look at properties that I like the look of? Or would it be getting a mortgage adviser?
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Comments
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Your looking at properties around £250,000. There is mortgage calculators online, look at Halifax or Nationwide. For prices look at Rightmove. If your looking at flats then think about the lease lengths and costs to extend the lease if you intend on living there for a number of years.
Good luck.0 -
Have you looked at this, the Moneysavingexpert website's own "50 tips..."?
https://www.moneysavingexpert.com/mortgages/house-buying-guide/
Manylenders have similar online guides - for example Nationwide (who in our experience are also really helpful lenders:
https://www.nationwide.co.uk/guides/buying-and-owning-a-property/first-time-buyers/getting-started0 -
Is there a station you need to get to for work? Or will you need to drive somewhere, or work from home?
Is there an area you want to stay near? (Friends, clubs, studies, family, etc...?) Or a mainline station you need to get to regularly for travel elsewhere in the country?
Do you have any debt? (Credit cards, loans, overdrafts, etc.)2024 wins: *must start comping again!*0 -
1) I earn £50k and have currently £11k saved for a deposit which I continue to add too with the intention of having saved between 25k-30k as a deposit. What sort of house price can I look at based on a 50k salary and a deposit of say 25k? General rule of thumb is 4.5x income plus your deposit, but with a 15% deposit or more, you can probably get up to around 4.75x income without too many problems.
2) Is there a website/thread that has average prices of houses in different areas in/out London? You can just go on to rightmove, draw an area and put your maximum price. That will then display properties in those areas and you will start to see where there are loads of properties in your budget or only 1 or 2.
3) As a first time house buyer, what is the very first thing that I need to do? Would it be to just look at properties that I like the look of? Or would it be getting a mortgage adviser? I would get your credit reports and if you plan on using a broker (there is no requirement to do so, but it can be useful), speak to them maybe a month or 2 before you have your deposit in place to talk about what is achievable for your circumstances at the time.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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