...ok, so I have found a small 2 bed semi detatched house I like. It's in a very cheap area of Somerset, so not that expensive. Circa £100,000

 

Now, I'm not earning a huge amount at the moment, but desperately want to get on the property ladder before the time I'm 30. Sounds very daft but that's me.

 

My plan is as follows, to get a 2 bed house and have a lodger so I can afford repayments. So I am trying to find the very cheapest way of monthly repayments.

 

So, to start off with, with a very small downpayment, I'd start off with an interest only mortgage over say, 40 years....some places are now doing 50. This, although not ideal will get me started. Once my circumstances change then I can change things, but that's not what is on my mind.

 

I know zero about mortgages and such like and the depth of my knowledge goes as far as the very basics of shared equity.

 

If anyone can shed light on things and advise a first time buyer on tricks of the trade, then please reply. Please don't scare me too much.

 

Thanks :(

 

Si

if you wanna get a mortgage you should try one of the banks that lend on what repayments you can afford rather than three and a half times your wages bunch.

as me and the lady earn about 34000 between us and we got a mortgage for 122000 .hsbc also do a first time buyers mortgage that starts of as an interest only mortgage and after 2 years it changes to a repayment type.

to be honest its not as bad as most people think and there is a lot of information available on the web.

im with standard life and they are excellent very helpfull :smash:

if you wanna get a mortgage you should try one of the banks that lend on what repayments you can afford rather than three and a half times your wages bunch.

as me and the lady earn about 34000 between us and we got a mortgage for 122000 .hsbc also do a first time buyers mortgage that starts of as an interest only mortgage and after 2 years it changes to a repayment type.

to be honest its not as bad as most people think and there is a lot of information available on the web.

im with standard life and they are excellent very helpfull :smash:

 

Still got no chance. I earn sod all at the moment.

I know how you feel mate, I went and saw a mortgage advice person in an estate agents. She was completely independent and very good. I'd definately recommend it just so you can learn about things that are involved. It was ridiculous though even with our combined wages I could only get about 90 ish grand over 25yrs. It seems so crazy to be borrowing over longer periods. Hopefully the missus is going to get a job that has accomodation for us both then we can save some money up. We want to build our own house eventually. Any way don't get down over it mate, there are things out there. The first time buyer deals where you own 80% and other stuff like that.

Dave

Easiest and cheapest way to start is always from the bottom and work your way up. It may not be to everyones liking but renting a council house for a while and going through the right to buy is vastly becoming more popular than ever. Its the only way people can get there foot on the property ladder.

My heart goes out to you Si.

Bought my first house 6 months ago and its a struggle.

I'm in Scotland, so houses are cheaper, but it's still sore, hence driving a diesel mundano at the moment!

Try moneysupermarket.com

Lets you compare and apply for over 8500 mortgages, as well as loans etc.

Si do a search on the web about what the government intend to do for the first time buyers the cant get a mortgage.

 

Secondly like people have said find an independant adviser and just talk caus thats free if nothing else you might gain a bit of knowledge

 

Thirdly the 25% 75% where you own 75% of the house and when you sell up the backers gain from the 25% and its increase some freinds of mine untill recently had a 50-50 mortgage with a company (dont know the name sorry) again put it up on the web 50-50 mortgage

 

Fourthly i dont want to sound rude mate but do you have a disability?? if so housing asscociation houses, now you pay rent initially but you will have the option to buy after a few years (mother in law after split up got one and she is on her own) and she will buy at a reduced rate !! The reason i ask about disability is the points target the more points the faster you can get a house and also how close to work you will be and so on......

 

 

I have a tracker set up by my financial adviser just like you mate i was shit at this sort of thing so i took her my pensions,insurance policies life policies basically everything i had and she spent a month doing it for me!! Her payment was me fitting a door (i am not a chippy) and installing 2 radiators onto her existing c/h system (i am a plumber.........just) and she made £150

on a policy which was in fact the best we could get.

 

 

I hope this might help a bit.

 

One other thing to remember if you know anyone and i mean anyone 10 years ago a friend of mine wanted to get back to tewksbury from scotland, he was broke and couldnt afford much he had met a girl who came with a little boy so he wanted something reasonable i found out just by spreading the word round my mates that a house was up for repossesion there was only 1 clause he had to announce that he was buying from the building society in the local paper at cost (what was owed) At the time it was £56,000 3 bed semi big garden, he got it caus no objections were made and sold it 3 years ago for £188,000 I told him he owes me drink :p

 

 

So try to look out for this sort of thing and also housing asscociation i know its a bit crap to pay rent and have fook all for it but when you get to buy at a reduced rate it works out better

 

I,ll shut up now !!!