Can I get a mortgage at 18

edited 30 November -1 at 1:00AM in Mortgages & Endowments
5 replies 669 views
Elsie2001Elsie2001 Forumite
1 Post
edited 30 November -1 at 1:00AM in Mortgages & Endowments
I am 18 and have been working for 2 years.
I have about £35000 saved up.
The house i would buy would be about £100000 but would probably need doing up so I couldn’t use everything I have saved for a deposit.
I earn about £15000 a year and I would be buying the house on my own.

It is possible to buy at my age and if so what should I do to achieve it. Like how can I get a good credit score and which banks should I start looking at?
Thank you in advance.


  • csgohan4csgohan4 Forumite
    9.9K Posts
    Sixth Anniversary 1,000 Posts Name Dropper Photogenic
    you generally can only lend x4.5 of your gross income minus any debt/loans

    looks like it will be too tight for you, plenty of calculators on the lenders websites to check
    "It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"

    G_M/ PIxie/ Bowelhead99 RIP
  • ViolaLassViolaLass Forumite
    5.8K Posts
    Get a credit card, use it for groceries and pay it off in full each month. That will give you credit history.
  • Desmondo2016Desmondo2016 Forumite
    18 Posts
    First Anniversary
    Well done for putting yourself in such a comfortable financial situation so young. Whats your current living arrangements? Could you bear another year of waiting, build up a credit history and add a few grand to your deposit?
  • mustiucmustiuc Forumite
    86 Posts
    10 Posts Second Anniversary Name Dropper
    Yeah, what a great outcome to save 35k at 18. You should be an example for others.
    If you still live with parents and have minimal expenses (or maybe dont pay rent at all) I recommend to get a CC, pay it in full every month, stick with a mobile/sim only/broadband contract and wait another year/maybe two. Maybe, meantime you can find a good partner to share your life with and maybe get a house together. Your (remaining) savings could go into a pension pot/isa/whatever you want.
    It will be quite a shock to move and own you house. You'll have far more expenses (mortgage/council tax/insurance/water/gas/ unexpected bills, etc etc etc). Is not easy to maintain a house by yourself.
    Don't rush things. You've done great so far !
  • ACGACG Forumite
    21.5K Posts
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    Not to sound condescending, but well done on having £35k saved up at 18.

    You can do it, but I think the figures may be a little tight. You might have to use the vast majority (if not all of your £35k). It might be worth looking at a HTB ISA to get your money in there for a boost, assuming you do not want to but in the next couple of months.
    I am a Mortgage Adviser
    You 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.
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