First time buyer on low income. Help.

MD0903

Hello everyone. As the title suggests, I just need some advice:-
I appreciate that we are in very difficult times. I split up with my long term girlfriend seven months ago, stayed at a friends house and ended up renting in a strangers house just before lockdown as it was the only thing available. Last month, we got back together and I handed my notice into the landlord to move back in with my girlfriend, we split up again on the day that I did, I had nowhere to go and VERY coincidentally, I bumped into my mum who I hadn't seen for six years. I am now currently there.
I am 38 years old and I work two jobs. Both minimum wage and (when everything is open) I work on average about 42 hours a week. In total, I probaly get after tax about £15,000 minimum a year. Maybe £16,000 with overtime and extra shifts etc. I have tried for so long to get a hugher paid job however, its difficult especially in these current times
I have £10,000 to put down as a deposit as I am looking to buy my first home. I looked at houses first in my area and cheapest ones are £90,000 but they do not look good. Plus obviously the upkeeping, any work that needs to be done would cost a lot so I am looking at getting an apartment instead. Would this be advisable? A few people have said that I don't own the plot and just the actual apartment which I know already and that with ground rent and service charges, I should try and get a house although I am not sure as I cannot imagine being able to afford things like if the boiler went etc.I would love to get my own place but just have absolutely no idea where to start. I don't think a shared equity would be good for me and I can't do a right to buy scheme. I am just a bit stuck and not sure what to do. I am worried about outgoings and whether I can do it.

cosh25

I would go right back to the beginning and start by creating a plan. Look at what you have saved, and then look at what your outgoings are every month and then how much can you save every month. This will give you a clear realistic idea of how much you can save and by when.

You have £10k saved up as a deposit, but don’t forgot you are going to have solicitor fees, moving fees, cost of furnishing a new place so maybe take £3k - £4k of this possibly. Most Mortgage provides need a 15% deposit at the moment for a bare minimum (on a £90k house stated this would be £13.5k) - maybe a realistic goal for the above is you need atleast £20k saved.

The only other thing I could suggest at the moment is looking to see if anywhere is doing rent to buy - if you have had to move due to a relationship breakdown, you would qualify.

Hope the above helps.

MD0903

cosh25 said:

I would go right back to the beginning and start by creating a plan. Look at what you have saved, and then look at what your outgoings are every month and then how much can you save every month. This will give you a clear realistic idea of how much you can save and by when.

You have £10k saved up as a deposit, but don’t forgot you are going to have solicitor fees, moving fees, cost of furnishing a new place so maybe take £3k - £4k of this possibly. Most Mortgage provides need a 15% deposit at the moment for a bare minimum (on a £90k house stated this would be £13.5k) - maybe a realistic goal for the above is you need atleast £20k saved.

The only other thing I could suggest at the moment is looking to see if anywhere is doing rent to buy - if you have had to move due to a relationship breakdown, you would qualify.

Hope the above helps.

Thank you very much for your advice. I'll take it on board.