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When to buy?
JRT29
Posts: 1 Newbie
Hi everyone,
Me and my wife (both 27) are after a bit of advice. We want to buy a house and have around a 10% deposit mark for our target area. We are currently living with our parents in order to maximise savings. The question is when do we buy? We have a 10% deposit as mentioned before but should we stay put and save until we have around 25% deposit or is it worth getting on the ladder as soon as possible? We each have a LISA and do not want to use goverment help to buy equity (I personally think they're pointless).
Thanks,
Josh & Becky
Me and my wife (both 27) are after a bit of advice. We want to buy a house and have around a 10% deposit mark for our target area. We are currently living with our parents in order to maximise savings. The question is when do we buy? We have a 10% deposit as mentioned before but should we stay put and save until we have around 25% deposit or is it worth getting on the ladder as soon as possible? We each have a LISA and do not want to use goverment help to buy equity (I personally think they're pointless).
Thanks,
Josh & Becky
0
Comments
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Depends how desperate you are to move out? I assume your parents charge you something small or nothing to stay with them. If you're not at each others throats ready to kill each other then I don't see why building your deposit won't help you as it should give you access to better mortgages/rates.0
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The advantage of waiting is you’ll get a better mortgage rate and combined with a larger deposit your mortgage repayments will be lower.
The disadvantage of waiting is house prices will rise. This could offset any financial benefits of waiting.1 -
It just isn't the same for a young couple to live with even the best parents, so if you have the deposit for the area you want, I'd vote for going ahead------assuming you have done all your sums and have safe jobs with prospects. Good luck to you both whatever your choice.0
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It's personal choice. If you have a 10% deposit then you are good to go assuming you have additional money set aside for solicitors fees, etc? Why not start looking and if you see somewhere you can go ahead and put an offer in, if you don't find somewhere for a while it just gives you the chance to save more towards the deposit.
- Original mortgage end date: March 2041
- Current mortgage end date: Dec 2032
- MFW 2026 #15 573.30/2000 /// MFW 2025 #15 1628.00/ £2,400 /// MFW 2024 #15 £1,608.85/ £2500 /// MFW 2023 #15 £8,617.84/ £10,000 /// 2022 #15 £7,315.24/ £7250 /// MFW 2021 #15 £8,530.07/ £8500
- Daily interest is currently £3.48
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