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My advice would be to not stretch yourself financially or at least have a back up plan if your circumstances change.
Go and see a financial advisor. A decent one will guide you through and give you realistic expectations of what you can afford. It will cost you if you want them to fill out paperwork etc. But worth it if you're a beginner IMO. Estate agents are mostly like to push their deals on you and try and make you use their people, then hit you with hidden fees.
Follow thegirlbosshouse on insta, she’s great and has lots of info about buying alone.
Done it by myself too. Had 20k deposit and 11k to do it up. Earned around £45k a couple years ago and bought for £175k so loaned £155k from the bank. I think they were going to lend me up to £200k but I didn’t want to be stretched financially and feel like I was living to work.
Don’t forget your stamp duty & solicitor fees (can’t remember how much now as first flat fell through which I had to also pay solicitor for) £544 repayments a month on repayment mortgage - not interest only
flat last valued at £215k last year
I mostly did online mortgage calculators and Nationwide was best for me, don’t know
If it helped I have had an account with them since I was about 5
I'm currently in the process. I earn £27,000 a year and i am paying £150,000
Would you be willing to share deposit and mortgage monthly payment details? Apologies if it’s too much of a nosey question
Buy something that doesn't need any renovations whatsoever.
sorry - just to jump on this. I work in conveyancing and First Time Buyers do not pay stamp duty (unless the property is over £300k). This was introduced a few years ago.Done it by myself too. Had 20k deposit and 11k to do it up. Earned around £45k a couple years ago and bought for £175k so loaned £155k from the bank. I think they were going to lend me up to £200k but I didn’t want to be stretched financially and feel like I was living to work.
Don’t forget your stamp duty & solicitor fees (can’t remember how much now as first flat fell through which I had to also pay solicitor for) £544 repayments a month on repayment mortgage - not interest only
flat last valued at £215k last year
I mostly did online mortgage calculators and Nationwide was best for me, don’t know
If it helped I have had an account with them since I was about 5
I was lucky enough to just miss this
20,000 deposit and it is 500 a month on a 35 year. It needs some work however no rush
Hello! I’m trying to save for a place- I am 27, have help to buy isa but I just worry /don’t know If this will be possible at the moment or ever. Everything around me is at least £200/300k I don’t even have up to £10k deposit. Any tips on how to save more? I current pay memberships, bills, car, I have braces too and it is a monthly direct debit. My outgoings are about £1000 and I earn &1100/1200 per month on part time in nhs. I don’t pay my parents rent atm but help out big doing food shopping etc
I moved 20 miles away from where my family and work was, which is London to a deprived area. So you may have to think about living in a new area. Are you able to increase your hours or work full time as that would increase your disposable immediately? I always worked on the side. Pet boarding, child minding, baby sitting, cat feeding, small craft home business. I don’t think I’ve ever had just one stream of income
thanks so much, I have a lifelong health condition which meant I dropped from full time to part time as it was completely flaring up. We live already in Essex and even that it’s quite remote where we are. I’m thinking of selling / listing lots of my clothes/ items etc on eBay, perhaps online tutoring or something etc yes I agree I don’t think it’s possible with one stream of income. Sad you left London but I’m glad you found a property!