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First time buyer

A_Forlorn_Hope
Posts: 20 Forumite
Hi everyone,
I've been facing saving up for quite a while and now have around £40k to play with. My question is whether or not there are any downsides or not to keep saving to have a larger deposit. I'm approaching 30 now so I'm very aware that I shouldn't stay at home for much longer (my parents are fine with it though and I pay my way)!
I'm not sure of the state of house prices at the moment but the apartments I'm drawn towards are around £100k so it looks like my mortgage will be a short one at least! I'm not really interested in a house due to the extra upkeep etc.
Any opinions would be much appreciated, thanks!
I've been facing saving up for quite a while and now have around £40k to play with. My question is whether or not there are any downsides or not to keep saving to have a larger deposit. I'm approaching 30 now so I'm very aware that I shouldn't stay at home for much longer (my parents are fine with it though and I pay my way)!
I'm not sure of the state of house prices at the moment but the apartments I'm drawn towards are around £100k so it looks like my mortgage will be a short one at least! I'm not really interested in a house due to the extra upkeep etc.
Any opinions would be much appreciated, thanks!
0
Comments
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Extra upkeep ?
Your own roof, Your own garden, Your own front door.
If you make sure you buy a freehold house the Home would belong to you once you have paid off the mortgage. No leaseholders to pay every year.
I lived in a modern 3 bed property for 4 years and spent only a few pounds on fence paint and Matt paint on the property during that time.
How long did it take to save your deposit ?
How much do you earn ?
What is the price of a nice 2 or 3 bed house in your area ?
Do you live in an area where you could rent out the Spare Room under the spareroom scheme Tax Free !
I would also go for a house over a flat0 -
Consider an offset mortgage with Yorkshire building society or Barclays.
Mum and Dad maybe able to help you get on the property ladder0 -
I understand your point, I think I just like the compact nature of flats. I like my own space so I wouldn't really want to rent anything out. House prices for a 2 bedroom house are a bit more than the price of 2 bedroom flats in my area.0
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Yes, but you'd actually own the house and wouldn't have potentially £1000's in management and other fees every year.0
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I appreciate what you're saying, and I know a lot of people would say the same. It's not the question I'm asking though0
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You will find it easier to save whilst living with the parents. So if you can keep saving there wont be any harm. But you have a cracking deposit and will have a tiny mortgage so I would not go to the extreme of missing out on holidays, all night raves etc just to save a a little bit extra.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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