Property advice for first time buyer

Northernstorirs said:
Your old man is correct.

Nationwide are offering mortgages to 1st time buyers at 10% as long as it's for a house and not a flat.

As you say, stay at home if you can and save. I wasted my 20s spending £900+ in rent to live in London. Whilst I had a great time down there, I didn't save a penny and missed out on a few holidays abroad aside from a few ski trips as I was always skint with a good chunk of salary going on rent. At first it's demoralizing needing to save from nothing but it becomes a nice habit and helps you think smarter when it comes to spending and using your money.

Since moving back up North my main aim has been to save for a deposit once my overdraft was cleared. I moved back with the parents, got on track with my career and saved for a couple of years. I've since moved out but been fortunate to continue saving and had a few work bonuses along to way which elevated my savings to where they need to be. The recent lockdown finally got me over the line and I'm actively viewing places now that I have enough for a deposit for my budget in mind and enough to cover legal fees and stuff for moving in (sofas etc). I've been no miser either, managed to go on holidays and is all about being smart with your money where as in my 20s I was reckless.

The state of affairs are ridiculous whereby you can rent a £120k house for £1k (with a month's rent as deposit)but banks won't lend young professionals a mortgage at £500 a month. That said, saving for a deposit can be done, so a lot of young people you see moaning should perhaps quit their expensive holidays, go out less and maybe buy a 2nd hand car rather than lease a motor you could never afford.
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The biggest problem young people have is they delay starting working until well into their 20's because of university, gap years etc. If they start working at 18 like in the older days and get experience and a decent salary by their mid 20's then they'd have saved money towards a house.

A student leaving uni without a job can't reasonably expect to go straight into home ownership without going on the journey of working for it. It's no different to owning the house and deciding to pay off 10% of the mortgage but no-one ever does that because they can't afford to, they have to earn it.

Me and my girlfriend got our first house at 28 for £230k but it took us quite a few years to save the £23k deposit and that's two of us working full time. I did uni and only got started in a decent job when I was 24-25. It's not even about giving stuff up, it's purely about time and the wait is what young people can't be bothered with.

Also if you throw in things like renting alongside saving, having children early then well it then gets even harder but those are the choices people make really.
 
To be honest, with a £5k deposit you have two options:

1 - stay at home and save a bigger deposit
2 - rent

Renting isn't dead money, it's money spent to provide you with accommodation, flexibility (to move if you have/want to) and lower risk (if the boiler goes it's not your problem). But if you were adamant you wanted to rent and you were being sensible, you would save a deposit first as that way you have the flexibility to buy when you want to. Most of the people who get stuck renting don't start with a deposit and struggle to save one because they're paying rent.

Discipline and patience to save now will be a huge benefit to you later in life. We're brainwashed into buying stuff we don't need to impress people we don't like at the expense of our future selves.
 
Bovril said:
Some nice places gone up in Droylsden recently by the Canal, called it a Marina.
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I use an Airbnb place in Droylsden often. He's a Welsh boy, as it goes. From Llandudno. It's one of the new houses near the tram stop.
 
yeseye said:
You will be spoilt for choice on your next visit, 3 New pubs open around the centre, Good variety of ales also decent places .
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I use the Holts’ pubs in Clayton. Halfway House and The Grove. I’d drink Crystal Gold.

So converted to those places after the first visit. Proper, proper pubs.
 
looked into getting a mortgage this time last year for a place in edinburgh, i'm 26. Had about £8,000 at the time saved up and thought id have a chance at something. Met with the mortgage advisor and had a bit of a rude awakening when i found out how much more i would actually need for a half decent place that wasnt in a shithole. Put the idea of getting a mortgage to bed for the foreseeable.
 
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