Quizzes & Puzzles25 mins ago
getting on the ladder
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For more on marking an answer as the "Best Answer", please visit our FAQ.It depends on a lot of factors really, first one being, where do you live? I only live in a small mining village, and its unusual to find a basic house cheaper than �65,000. I was lucky, I bought my house when I was 18 for �24,700, just before the prices rocketed. A mortgage may be a bit cheaper for you than rent, but even basing it on your basic 25 year mortgage, your gonna be looking at at least �350 a month for a house valued at say �65,000. Most companies will only offer you a mortgage, which is only equivalent to three times your salary, in your case, it would be �54,000.
It doesn’t look like your in a good position to buy at the moment, and I would wait a while, I live by myself now, as my partner left, and can only afford to do so as I get tax credits because my daughter lives with me (Im 21 incase you are wondering) and my mortgage is only for �40,000. It’s the hidden extras that total up, council tax, water, gas, electric, etc as well as any other monthly commitments you may have. You will more than likely be absolutely skint if you even attempt to move out. It’s a lot to take on, so I would stay put until your in a better situation to do so.It had on the news today that the average 1st time buyer is now something near 37 years old. Wow! You do have a few years yet but I appreciate that it is tough to get on the ladder. I would invest wisely, tie your savings (and save regularly) away for a year or so at a time. Some of the banks & building societys have accounts that you have to put into each month, say somewhere between �50 - �250 & they take it off your account so your not tempted to not take the money to the bank & spend it in the shops on the way! The money is locked away for a year or so & the interest rates are usually good at around 6% as appossed to 3-4% on in other accounts.
If you save a good deposit this will always stand you in good stead when you take on a mortgage & allow for the hidden extras like getting the phone connected & legal fees/stamp duty.
Save hard & you'll get there! :-)
Milly......if you want to join the real world get the h*ll out of Buckinghamshire. Look into UP_MY_STREET or similar sites.....there are lots of properties for �70K or less......possibly friendlier and with a less frantic way of life. [only one guy`s opinion]. In my area you can get a 2-bedroom semi with gardens and a garage for a lot less than you`re paying in rent so don`t believe half the nonsense spouted by so-called experts.
Best of luck to you and yours.