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First Time Buyers - Just have a look at my plan please : )

2

Comments

  • scottp_2
    scottp_2 Posts: 149 Forumite
    neas - Well with everyone’s opinions being different, we have given ourselves 'at least' a year, as I think between now and a year would be a silly time to buy, and then from there I will have a good look and keep an eye on the market to make sure we aren't making a mistake. However, if there is no drop then I don't want to wait years and years so I will just have to see what happens in 12 months.

    youngmoney - Thanks! Yeah that is what I thought would be the problem. She is going onto my accounts anyway, and as soon as she is 18 I will put her on my CC too so we can build it up that way. I think mine will be pretty much sorted as I’ve had a CC since October (when I turned 18) and all payments are up to date.

    pollyanna24 - I see what you mean, but I have already been with my GF for 3 years so it would be at least 4 by the time we buy, plenty of time I think! Now is not the market to be making £30,000 in 3 years, hence the reason we want to put a large deposit down: No negative equity for us! Anyhow, we plan to stay for at least 5 years (possibly longer if we stretch to a 3 bed) so the housing market won’t really affect us after we buy.

    LillyJ - Yes the pay cut would be quite a lot so she is going to hold on for a while to see if she can be seconded. If not we could survive with my wage and a small bursary, just no going out for us! We know that you have to make sacrifices and are under no illusions that it will be easy!
    I have no plans to rent though, as I just see it as dead money, and we wouldn't be able to save up a substantial deposit if we had all the bills going out. We still plan to have a few holidays, just not stupidly expensive like we might have done!

    Thanks to everyone again!
  • Good work ScottP.

    Nice to see that you're getting everything worked out ahead of time.

    I wish I married a nurse! :rotfl:
  • I think if nothing else, this thread highlights the need for this country to make financial education compulsory for GCSE students.

    My family are hopeless with money and it is only through getting in to a finance industry that I really began to grasp even the basics of money and am now in a strong position.

    The principals that Scott is living by are very simple and very easy to teach. Imagine what you could do with money in just a year of learning these principals.

    I would have certainly found that more of a useful life skill than how to determine the gradient of a river bank or the chemical reactions that take place in a plant :D
    I am a Mortgage Adviser. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • scottp_2
    scottp_2 Posts: 149 Forumite
    Thanks!

    Definately, if I hadn't gone to work in a bank I wouldn't have a clue about finance!
  • poppy10_2
    poppy10_2 Posts: 6,588 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    If your girlfriend's only 16 at the moment, should you really be thinking about buying a house together? You are just kids!
    poppy10
  • LillyJ
    LillyJ Posts: 1,732 Forumite
    poppy10 wrote: »
    If your girlfriend's only 16 at the moment, should you really be thinking about buying a house together? You are just kids!

    If me and my boyfriend had bought when we were that age (we were together then) we would have got over 100% paper profit and would at present probably have about 70% equity! So why not? People get married and have children age 17/18 so why not buy a house if you are sensible?
  • Jarlawuk
    Jarlawuk Posts: 555 Forumite
    Scottp - as far as I'm aware, adding your gf onto your CC will not effect her credit score/history in anyway as she would only be a secondary cardholder, and the responsibility for paying the bill would be solely down to you. So you're probably better off getting a credit card for her seperately to build up her credit score, even if it's a rubbish one with 40%apr as it won't matter due to you paying the bills in full every month.
  • djdaface
    djdaface Posts: 77 Forumite
    Part of the Furniture 10 Posts Combo Breaker
    Fair play, I earn £2000 a month alone and find it hard to save anything about £800 a month towards my mortgage. I do run a stupid car though i should get rid of.

    And I also wish House prices were that cheap where i live, a 2 bed cheap house with garage and/or drive way would start about £260,000 around here :(
  • djdaface
    djdaface Posts: 77 Forumite
    Part of the Furniture 10 Posts Combo Breaker
    youngmoney wrote: »
    I think if nothing else, this thread highlights the need for this country to make financial education compulsory for GCSE students.

    My family are hopeless with money and it is only through getting in to a finance industry that I really began to grasp even the basics of money and am now in a strong position.

    The principals that Scott is living by are very simple and very easy to teach. Imagine what you could do with money in just a year of learning these principals.

    I would have certainly found that more of a useful life skill than how to determine the gradient of a river bank or the chemical reactions that take place in a plant :D

    Would be good if things like this, common sense(knowledge) and manors were taught instead of compulsary religion in the first 3 years of school. Far more benefit in life, religion should be left to the parents as they dont seem to be teaching the manors.
  • dhassen
    dhassen Posts: 759 Forumite
    Sounds like you've got your head sorted out.... however like a few people have said, you really should consider renting before you buy - it's not dead money, your paying for a roof over your head. Also you and your gf might be solid as anything, but you don't know how you will get on living together. My best mate bought a house with his fiance, before ever living together, and it took a year, 8 grand, and a really messy break up to sort things out. There's no rush is there?
    Oh and 19K is about 1200pm after tax (or was a few years ago)
    Official DFW Nerd Club - Member no. 784 - Proud to be dealing with my debts
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