Cunning plan to be a first time buyer

countrygirl27

Hello!
This is my cunning plan to become a first time buyer, it is based on lots of if's but's and maybe's but I thought Id run it by people and see if its feasible.

I am 24. I currently ear £21k this will definitely go up due to the profession Im in. I am debt free (yay!). I currently have £10K in savings.
My cunning plan is to save for another year or two, until I have about £20 -£25 K, at the mo Im managing to save nearly £500 p/m.

Do people think I would be able to buy in about 2 - 3 years time on my own? Im only thinking about a small 2 bed house, something in the region of (currently) £140K? Part of my cunning plan is that the credit crunch will make house prices come down or at least not grow. Im trying to buy in Kent - (unfortunately).

Any thoughts would be welcome. It's the on my own bit that I think I'll fall down on. Lots of my 'coupled' friends have already bought, using 100% or bigger mortgages and most of them dont ear anymore than me but then there's two of them.

Ta

wymondham

countrygirl27 wrote: »

Hello!
This is my cunning plan to become a first time buyer, it is based on lots of if's but's and maybe's but I thought Id run it by people and see if its feasible.

I am 24. I currently ear £21k this will definitely go up due to the profession Im in. I am debt free (yay!). I currently have £10K in savings.
My cunning plan is to save for another year or two, until I have about £20 -£25 K, at the mo Im managing to save nearly £500 p/m.

Do people think I would be able to buy in about 2 - 3 years time on my own? Im only thinking about a small 2 bed house, something in the region of (currently) £140K? Part of my cunning plan is that the credit crunch will make house prices come down or at least not grow. Im trying to buy in Kent - (unfortunately).

Any thoughts would be welcome. It's the on my own bit that I think I'll fall down on. Lots of my 'coupled' friends have already bought, using 100% or bigger mortgages and most of them dont ear anymore than me but then there's two of them.

Ta

all looks very sensible and feasible to me, plus in a few years time you might not be on your own and it all be a whole lot easier!

foofi22

To be honest it's hardly cunning but a good plan all the same. Obviously having a bigger deposit is going to greatly increase your chances of getting a mortgage, not to mention you will probably get a better deal.

Yes you are right, who knows what house prices will do. At the moment a long overdue correction is needed, although people were thinking that when average prices were "only" 6 times annual salary.

A house is not worth anything until someone is prepared to pay for it!

countrygirl27

Thanks for your replies.

What had worried me was that a while ago I had used the alliance and leciester's mortgage calculator tool thing and it said it would only lend me £93k! Which where I live will buy you a dog's kennel. I know those tools arent necessarily accurate but it did give me a bit of a start!

Bf109

Thats almost 5x your income..... I wouldnt lend you that much!

nelly_2

What a load of Baldricks

betti911

I think saving a bigger deposit if you can is always a good idea.

You should try to calculate if you can save more than £500 a month. There are loads of really good ways of money saving on this site. Good luck!