Best option finically

sim2335

 what’s my best options

I can get about 100k from bank to borrow I’m first time buyer.

I have about 16k saved and can borrow 15k from my mum if needed for house total 30k

1. Still keep saving but then when will I be able to afford my own property I’m already 35 living with others stills,  as prices will keep going up.

1. Do buy to let, and rent it out, then lose first time buyer benefits

    3. Gets leasehold flat and move in, really want freehold

What’s finically best option for me?

Yazmina

Which part of the country do you want to buy in? 

RedFraggle

Buy to let probably isn't an option as a first time buyer

sim2335

In leicester

i can do buy to elf even as first time buyer, 

GiantTCR

The best option for you is to buy what you need and can afford. 

MikeJXE

Best option is to buy but it's a falling market so be careful. I live NW Leicester and there is not much about to buy or rent 

RedFraggle

sim2335 said:

In leicester

i can do buy to elf even as first time buyer, 

Yes you can, but the lenders and eligibility criteria are different so probably not your best option. You'd also need to consider how you'd manage if you got a tenant that got into arrears. 

TheJP

The £15k from your mother is this a gift or a loan? If its a loan, your lender will add this credit to your affordability. 

sim2335

Money from my mum is a gift

best option meaning I save and buy that could be when I’m 40 if prices not gone up

or get a leashold flat and move in 

I would do shared ownership only problem is it’s leashold

Schwarzwald

sim2335 said:

    3. Gets leasehold flat and move in, really want freehold

I pretty much live by the principle that "progress is more important than perfection", sure a free hold is always better than a leasehold, so is a 3 bedroom over a 2 bedroom, a detached than a terrace, but if all you can afford right now / foreseeable future is a nice and decent leasehold flat then GO AHEAD and make it a reality rather than dreaming of this perfect property for the next years and staying put and staying stuck.

the detached freehold house might come one day, but for now, make a move if sensible

sim2335

Schwarzwald said:

sim2335 said:

    3. Gets leasehold flat and move in, really want freehold

I pretty much live by the principle that "progress is more important than perfection", sure a free hold is always better than a leasehold, so is a 3 bedroom over a 2 bedroom, a detached than a terrace, but if all you can afford right now / foreseeable future is a nice and decent leasehold flat then GO AHEAD and make it a reality rather than dreaming of this perfect property for the next years and staying put and staying stuck.

the detached freehold house might come one day, but for now, make a move if sensible

Even a leashold will I struggle my salary is only 23500 before tax,
then I will have to pay council tax, service charges etc.