First-time Buyers 17 And 21

[Deleted User]

I'd agree with Thrifty - now is a bad time to buy a house. You're young - that's great! you've got plenty of time on your side, why buy a house now and watch it fall in value when you can rent for a couple of years (and not tie yourself down either).

More time = more deposit and higher salaries. Property prices are on the way down, not up... hold off, learn what it's like living together for a bit.

dimbo61

yes an ISA at 16 my daughter has one and you can put £3600 in each this year !
This is a great way to prove you can afford say an £80,000 mortgage !
If you can save £600 a month into ISA,s then when you have to pay out
£500 a month on a mortgage you know that you can afford it.
Get saving and good luck in your house hunting

sunkissedblonde

thanks all

pinkkat8910

sunkissedblonde wrote: »

dont be sorry to shout, confrontations are good.

Hmmm - now it becomes clear why you are being defensive...

I think as everybody has said saving is the key. My fiance and I are almost at our 10% and have an appointment to see a mortgage advisor next weekend - I'll let you know how we get on if you like and what advise they give us first time buyers given the current economic climate :rolleyes:

rzr101

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

Theres so much wrong with this thread that i don't know where to start.

Unfortunately for you, similar to the rest of the world, the lender will not care if you are (in your eyes) "well off" or not for your age. You will not be on the mortgage and will be transparant to the lender. Well done for hitting the ground running and getting into such a lucrative industry at such a young age (see if you can spot any sarcasm there - i doubt it).

Further problems that you will have if you continue in the industry is that lenders will likely look at your BASIC PAY (which for travel agents is extremely low) and HALF any commission that you will get when working how much to lend you. So you will have that to deal with as well if you do ever want to buy.

So good luck with it. Im sure that with your charm and wit that you are doing extremely well and smashing your sales targets.

beer_tins

SKB, what people are saying is that mortgage lenders can't take your salary into account when deciding how much they will lend you. Of course that doesn't mean you can't contribute when it's up and running. My advice would be, wait until you are 18. Once you are, mortgage lenders can take your salary into account and you will get a much better deal. In the meantime, save for a deposit. 10% is best, but you can still get 5% mortgages, but the rates aren't so good. That's all the advice I can give without any figures!

UK007BullDog

Thank you for the laugh! Lovely!

Dan_Collins_2

Sunkissedblonde, people have taken time to give you a little bitof advice and help. I am self employed and earn nothing from this site, yet I found my self taking ten mins out to think about your situation in the middle of a credit crunch.

Now, please dont show off about being a travel agent, nothing against travel agents, but over the years many of my ex co-workers had left your industry because its the pits!

Also I think your should wind your 17 year old neck back in from up your back side and take a reality check!

You HAVE to be 18 to take out a mortgage, so you cannot use your income to assess borrowing. Many people dont have 3k in savings so well done, but it wont be enough. In your position I would stay at your folks as by paying rent will not help you save.

Now take our advice and dont bother to come back!

Ps. Sunkissedblonde my !!!!!

poppy10_2

Sounds more like a dumb blonde...

UncleMonty_2

You're 17, live a bit man, who wants to be tied into a mortgage at that age?