First-time Buyers 17 And 21

Noctu

sunkissedblonde wrote: »

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,

Who criticised you?

You've had some sound advice on this thread, no more, no less. Why get all defensive?

sunkissedblonde

i do believe i just said if u want to throw any criticism dont bother.that applies to u too mate

katiejones

can't help, just wanted to say hi - we are in Northampton aswell

sunkissedblonde

hi katie, thats cool. bet we have probably passed each other a number of times without knowing (obviously) haha

tanith

I am sure no one meant any criticism of you and your aspirations.. its a good thing that you are planning for the future..

Saving is the very best thing you can do and lots of it... putting your savings into a good building society can't do any harm when the time comes that you will be in a position to apply for a mortgage... and even maybe you and your b/f could look at taking some evening classes together on different types of DIY so that when you get your first place you will have some skills behind you to help cut down the costs of decorating/gardening etc etc etc...

LillyJ

What???!!!! No one has criticised anything.

No one can help you as you aren't willing to give any figures, not even the price you are looking at buying at.

I am only 23 myself so certainly wouldn't criticise you for your age.

If you can at least tell us your boyfriend's wage and the cost of the house you are trying to buy, then people will help you.

Your wage is not needed as you won't be on the mortgage.

Illustration-

If he earns 12k a year = 36k mortgage
If he earns 15k a year = 45k mortgage
If he earns 18k a year = 54k mortgage

Do any of these sums look like the price you are looking at for a home? we cannot say or not as we don't know what prices you are looking at,

sunkissedblonde

he is actually co-managing a garden store chain at the minute so thats all good. i hear what your saying though so thankyou. Maybe renting would be best bet at the moment, but i just dont want to be paying out dead money. ah well. beggers cant be choosers and all that

[Deleted User]

Getting a mortgage is all about the figures, nothing to do with the age. People will help you but only if you provide the numbers.

You should realise that mortgages are no where as easy to get now as they were a year age

We don't know what the average salary is for a 17/21 year old, but add them together, times by 3.5 and you'll have roughly how much you can afford to spend on a property

edit: I was 26 when I moved into my first house, we had a joint income of £54K, bought a house for £200k and put down a £20k depost. Getting married in 7 weeks - now if you thought buying a house is expensive, wait till you get to this bit

It's not hard, it's just numbers

LillyJ

sunkissedblonde wrote: »

he is actually co-managing a garden store chain at the minute so thats all good. i hear what your saying though so thankyou. Maybe renting would be best bet at the moment, but i just dont want to be paying out dead money. ah well. beggers cant be choosers and all that

Unfortunately him managing a store (which is great btw) is not that helpful as I am not familiar with what such managers earn.
I am also not familiar with the market in Northampton. What sort of prices are houses you have looked at?
Then at least people can give you a figure to aim for in your savings.

Dan_Collins_2

sunkissedblonde wrote: »

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

OK lets start again, just because your young does not mean your thick, I have arranged mortgages for 18 years olds that have more brains than 50 year old teachers I have dealt with! I also think you over reacted!

Anyway, my advice would be to save hard for a bit longer. You will need 5%-10% minimum deposit and deposit will be key. By the time you get it saved you may have to have 10%.

Your looking at anything from 3-4.5 x his income. Maybe 5 but not many lenders will offer this at the mo unless your deposit it large.

It may help you to hold on until your 18 as then you can use both salaries, but without a deposit all of this means nothing.

Stamp duty is 1% if the property is above 125k, if its below you pay nothing, thats half your 3k gone. I would say on average a first time buyer spends £2-2.5k on buying a property that has to pay stamp.

100% mortgage are gone unless he is a proffessional.

Hope that helps.