First-time Buyers 17 And 21

dimbo61

as others have said save like mad and try to get a 10% deposit and a few thousand more for fees,solictors,surveys and stamp duty ( this is 1% of house price IF you pay over £125,000 for property !)
You can save a whole lot more if still living with mum and dad !
But if you want a place of your own then why not rent somewhere together
and see what its like living with each other.
You will build up some furniture and items you need in your home
before the mortgage payments start.
Its not really dead money renting as the housing market is quite and prices may even go down !
so save into ISA,s as barclays paying 6.5% tax free GOOD LUCK

sunkissedblonde

so thats all i needed to know in the first place, examples of a cost of a property and prices against that, that was long winded

sunkissedblonde

an isa at 17?

sunkissedblonde

dont be sorry to shout, confrontations are good.

LillyJ

sunkissedblonde wrote: »

an isa at 17?

I am pretty sure there is no age limit on ISAs, you are a UK taxpayer therefore I think you qualify. If you don't then your boyfriend can get one

sunkissedblonde

boyfriend has one

silvercar

sunkissedblonde wrote: »

an isa at 17?

cash ISAs from 16 I think.

By the time you have seen the property you want, get an offer accepted, sorted out all the legals work etc it will be a few months, so it may be possible for you to get a mortgage and be on the house deeds.

Do be careful, I'm sure you feel your relationship is solid, but if you weren't on the house deeds and mortgage, helped pay the repayments, utility bills of the house and then split up, you could walk away with less than you started.

No harm in waiting a few months, house prices are not going up in the next few months, so you won't lose out.

ThriftyBeanie

sunkissedblonde wrote: »

maybe u could learn a proper english vocabulary

He He!! Thanks for providing a chuckle at the tail end of a hard day at the office!

PS: WUM is an acronym. Acronyms are commonly and legitimately used throughout the English language. The use of "u" instead of "you" is, however, rather sloppy.

PPS: It's not the best economic climate to be stretching to get onto the property ladder. Common consensus is that the correction in house prices has not yet bottomed out. Your subsequent idea of renting and saving towards a bigger deposit is financially more sound. Good luck with whatever you decide to do.

JimmyTheWig

Cheapest I could find within 20 miles of Northampton is this one http://www.rightmove.co.uk/viewdetails-18603593.rsp?pa_n=12&tr_t=buy. It's actually sold, subject to contract, but should give an indication on price. It's a fiver short of £60,000.

So you'll need a £6,000 deposit, plus lets say £2,000 for legal fees, searches, etc. I.e. between you, you would need £8,000 in savings.
Assuming you've got that your bf would need a mortgage for £54,000. Which as LillyJ said he would probably need a salary of £18k.

Remember that buying a home is a long term investment. If you can't guarantee to be living there in, say, 5 years time then you are probably better off renting.

LillyJ

You really do need to save up first though! I would suggest you save 15-20k then think about it.

I moved out of home when I was 17, house shared with friends for 3 years, then rented with my partner for another 3. We now feel we are ready to buy a house together after having been together 7 years and living together for 3.