First time buyer mortgage decisions....

[Jakey123]

Hello all,

Looking for a bit of advice,
Currently 24 and living at home with 'rents
I've landed a new job and am on circa £46k, with savings of circa £25k ready to purchase a first house.
Firstly, anyone know how much I'm likely to be leant as a single applicant?
Is circa 160/170k accurate?
This gets you bugger all around my work (Heathrow area).
And I commute in from Dunstable way currently so would likely stay around here, get a bit more for the money!

I'm debating against buying what I can now or waiting? as house prices seem to be going up as quick as I can bloody save!
Alternatively I can save for 6/12/18months and keep the mortgage down/much larger deposit?

What do we all think?
What would you all be doing, no real fixed outgoings other than 450miles fuel a week commuting!!

[Jakey123]

Moominho said:

Sarnie is the man for this, he will appear soon, or PM him.

However I would say you could probably borrow a bit more, you could even consider the Help To Buy scheme.

Thanks

I've seen the help to buy scheme, just not so sure on,
But then again I suppose it gets me a nicer place/better rate mortgage.
I will always owe that same %, which I would be paying within the 5yr interested free bracket!
Does this also only apply to new builds only?

Thanks for advice all!
Renting a room sounds a smart move if I do end up with a 2 bed!

Prices seem to all have had a crazy jump again recently!

[Jakey123]

sheldimus said:

Firstly, congrats on being able to save that much up at 24 years of age! Not many do..
And be aware that you've never got it so good as when you live at home with the folks!
No harm in having a chat with a few mortgage providers just don't necessarily get credit checks as AFAIK the more you have, the lower your score goes. Happy to be corrected.
I'd strongly suggest a financial adviser too as they can access a much wider range of products and quickly.

After that, if you're in no rush, don't settle for something that doesn't float your boat. You'll only regret it. And don't fall in love with the first property you view. Much the same as car shopping!

Prices down south really are shocking. Circa £150k up north will get you a 4 bed detached quite easily!

Thanks
I think the sensible thing is to grow the savings for six months then buy, maybe puts me in a stronger position and able to afford 15% on something rather than scraping in at 10% as mentioned.
I'll make some contacts and try to assess this.

Thanks all for advice,