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First Time Buyers & Saving for deposit
ELtoroloco
Posts: 1 Newbie
Hi, I’m sorry this has probably been asked many times before so I do apologise in advance.
I’m looking for some advice on mine and my girlfriend’s current situation.
We are wanting to start saving for a deposit for a house (currently renting) but we just don’t know where to put it? I’m thinking Money Box’s Life Time ISA so we can get the government’s top up if we put £4000 in we get £1000 top up is this correct?
We are wanting to start saving for a deposit for a house (currently renting) but we just don’t know where to put it? I’m thinking Money Box’s Life Time ISA so we can get the government’s top up if we put £4000 in we get £1000 top up is this correct?
Also I’m 35 (36 next year) and my partner is 34 and in my head I’m thinking of a 5 year plan which would work out at £20,000 but I will be 40 by then would this hinder my chances of getting a mortgage?
Any advice would be welcome thank you
0
Comments
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Your age will impact the length of mortgage you can take out, and therefore possibly the monthly affordability. But 40 isn't too old to get a mortgage. Me and my partner were FTB last year, partner aged 42. We managed to borrow on a 33 year term as lender satisfied we both had pensions etc.0
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