1st Time Buyer - No (little) Deposit

AFF8879

Look at Dave Ramsey’s youtube channel. It’s US focused but he has some good advice on general money management and building wealth from a low / nonexistent starting point.

Like anything in life, whether you achieve it depends on how much you truly want it (and therefore how much effort/ sacrifice you’re willing to put in).

If you could only save £100 per month, you would hit £8k in under 7 years. At which point you would be 47/48 and still within the age limits of most high street lenders. If you were able to find a 5% deposit mortgage then you can cut that to 4 years... including your legal costs... which really isn’t that long in the scheme of life. And I think in this economic climate, house price rises will be subdued at best so that is on your side.

Though most people should be able to save far more than £100 per month. If you head on over to the debt free wannabe board, you can fill out a “statement of affairs “ (budget) and the very helpful folks over there can really help you focus on where you can cut your costs down.

Alexander1977

AFF8879 wrote: »

Look at Dave Ramsey’s youtube channel. It’s US focused but he has some good advice on general money management and building wealth from a low / nonexistent starting point.

Like anything in life, whether you achieve it depends on how much you truly want it (and therefore how much effort/ sacrifice you’re willing to put in).

If you could only save £100 per month, you would hit £8k in under 7 years. At which point you would be 47/48 and still within the age limits of most high street lenders. If you were able to find a 5% deposit mortgage then you can cut that to 4 years... including your legal costs... which really isn’t that long in the scheme of life. And I think in this economic climate, house price rises will be subdued at best so that is on your side.

Though most people should be able to save far more than £100 per month. If you head on over to the debt free wannabe board, you can fill out a “statement of affairs “ (budget) and the very helpful folks over there can really help you focus on where you can cut your costs down.

Very helpful sir thank you! I will YouTube that gentleman...

DD265

We bought a house recently with a 5% deposit. Our interest rate would've been a lot better with a 10% deposit. Our mortgage payments are considerably higher than our rent though still affordable thankfully as we've vastly reduced commuting costs by moving.

We were able to utilise the Help To Buy ISA (I also had a Lifetime ISA) which I believe you would be eligible for. This gets you a 25% bonus from the government on the money you pay in, but it's a bit limited in just how much you can pay in.

It might be worth speaking to a broker; as friends/family for recommendations - we looked online but there's just way too much choice. Speaking to a broker is what made us realise that it was possible to buy our own home, and what we would need to do to achieve it.

We managed to raise the 5% in under 3 months, but then needed the next 2 months to get all the legal fees together. We did it by diverting funds from credit card payments (0% thankfully) to savings, using a H2B ISA and LISA, I sold a load of stuff, family helped with 1/3 of it, then we stopped living for a bit and became really tight.