First time buyer: key worker, how do you afford monthly payments

3dsmills

Hi RedRabbit,

We're pretty much in the same situation as you, trying to save up for our first home.

I would suggest going and having a chat with your bank, those online calculators aren't always accurate, we were offered a lot more that we imagined, not that we're going to take anywhere near it as we couldn't make the repayments. But they can show you how much you can realistically afford. They can also talk you through your options, I know we came out with a much clearer idea of things having not bought before.

If you've got a graduate account (esp HSBC) you will probably find you can get a bit better rate.

I'd reccommend saving up 10% of the value of the property for the deposit as it reduces the interest rate dramatically. We're finding saving hard but if you arrange a direct debit to go from the account your salary goes into to a savings account you won't miss it so much.

Also, if you're not afraid of a bit of hard work, find a property that needs some updating which you can do up yourself.

HTH

LittleMissAspie

My boyfriend and I earn a smidgen more than you guys (1000+1500) and pay a little less rent (730) and we are saving £1000 a month between us. You can do it too, and by the time you've got £20k or so prices will be much lower too. Keep saving!