First-time Buyers 17 And 21

sunkissedblonde

Me and my boyfriend are looking into a mortgage, We both have full time jobs and have a bit of money tucked away. we have seen properties we like, but are undecided on what to do next. Can anyone give us some help?

Many thanks

sunkissedblonde

LillyJ

sunkissedblonde wrote: »

Me and my boyfriend are looking into a mortgage, We both have full time jobs and have a bit of money tucked away. we have seen properties we like, but are undecided on what to do next. Can anyone give us some help?

Many thanks

sunkissedblonde

Unfortunately in the UK you have to be 18 to get a mortgage.

If you are nearly 18, then can you post some more info (salaries, how much deposit have you got, how much are you looking to spend on a property) then I am sure someone will help you.

sunkissedblonde

the mortgage is going in my boyfriends name, I do not really wish to tell anyone specific salary details, all i can say is it is a full time wage at a travel agents, so i am very well off at my age, way over average pay and get more than bf earns. he has just over 3 grand put way

LillyJ

Well if the mortgage is only in your boyfriend's name it is pretty irrelevant what you earn I am afraid.

If he is on 18k for example, you are looking at a 54k mortgage, so if you can get somewhere for that price and have 10% deposit then you may be able to get a mortgage.

However if you are unwilling to give any details of the price of the house you want to buy or salaries or savings then no one here can help you. You will need to use a broker, but you will have to disclose your exact salary to them. (Well your boyfriend's anyway!)

beecher

You need to save up a deposit of 10%, plus fees so I think your best bet is to start saving at the moment.

LillyJ

You will need approx 2k for moving costs (survey, solicitors etc if under stamp duty threshold) and a 10% deposit of whatever you want to buy. So for a 100k house, you will need at least 12k in savings.

tanith

sunkissedblonde I hate to burst your bubble but you are going to need an awful lot more than 3K before you are anywhere near to having enough to look at getting a mortgage...

Have you looked at house prices etc? also the costs involved with buying a house?

You have plenty of time though and you are both young so get saving and who knows what you can achieve...

[Deleted User]

I think it cost me about 4 grand to buy my new home (not including the 20k deposit) as I had £2k of stamp duty to pay. I spent about 4 grand after that on the furnishing and decorating (new carpets cost a grand on its own)

You really would need to post your salary details here for further advice.. it's just a number after all. The area of the country would also be very useful (e.g. if you both earned 15k, it wouldn't go very far in london, but it might buy you somewhere in Yorkshire/Wales/Scotland)

LillyJ

Yep, cost me 3.5k as we have stamp duty too!
Also no one knows who you are here, so it is not like telling your mate's your salary.

When you say well over average wage, just to let you know average is 23-24k and I know from experience that is quite hard to get as a young person in a travel agents.

sunkissedblonde

actually i meant i get over the average wage for my age, if it is going to be critism and naievety thrown at me due to my age dont bother. i was purely asking for advice on what i should do,

sunkissedblonde

northampton is the location