graduate - first home buy help!?

Question

I am looking to buy a place by the end of 2007. I have saved 3k so far. thats it. im a graduate and will be on a salary of 26k rising to 29k with student loan payments and a graduate loan. Does anyone know the best place for a 100% morgage repaymets and things like buildings insurence the costs. really anything to help me with the costs and what where to buy. !!

ill be buying south sussex kent surrey maybe essex

Answer 1

Hi,
I was also in your position about two years ago. I now have my own flat but it isn't easy. It was made easier for me because I rented and therefore had proof I could pay more than what my mortgage was going to be every month, it is quite easy rent for 6 months and then you can use it as proof at your bank (annoying but it works). Also I had a deposit saved up and I went to HSBC and they said they would lend me 100% so I did that and spent my deposit on essential things like a sofa and wardrobe and kitcheny bits. But they take into account 'affordability' rather than the 3 or 5 x what you earn thing (which is ridiculous by the way! Where can you find a house which is only 3 x what you earn! I certainly couldn't) Also if you take in a budget with things on like:
Morgage, Electric, Gas, Home insurance, Council Tax, Water and other essentials and show it to them with your earnings it should help convince them youcan afford it. Tescos are good for insurance and things and also you can check out
http://uk.biz.yahoo.com/utilities/
http://www.insurancewide.com/quotation_home_insurance.html?tag1=YAHOOF&did=66&dsk=970bd428437af97f24e8f3e0c1d267a7&SID=fb4e3c30412cbdc1009fb7caba7e95d6
for bill stuff.
Good luck with everything and I hope this helps a little bit.

Answer 2

I feel sorry for you but it's a sad state of affairs in the UK now that even young professionals can no longer afford to get on the property market!

Those who don't own property will effectively be 2nd class citizens and will be at the mercy of property owning landlords and those who can afford to buy to lease.

This means you will be stuck paying £500 plus per month rent to make even more money for those owning property!
Either that or it's Chav council housing........Yeah life sucks!!!

Hopefully things will change for the better for all in the future.
One solution is to hitch up with a partner or close personal friend and split the costs between you!

P.S. steer clear of any mortgage provider whom you have not heard of before.
If you go into an Estate agents and ask to see a mortgage advisor they will fix you up with a mortgage if they can. They don't cost very much as they earn commission from the mortgage companies and are often able to get better deals than you can as a private individual just walking in off the street.

Good luck with it!

Answer 3

Try a buy to rent property in the south of Scotland I know people who are making %8 PA on their mortgage also prices are around £40,000 for a one bedroom flat.

Answer 4

It will be import that you go to a major, reputable mortgage company. Ask them about special mortgages for first-time buyers. They will help you with figuring out costs and insurance. You can also call a major home insurance company for prices for a specific value of home. A helpful link is below.

Answer 5

Depends where you want to live. House prices are very low on the west coast of Scotland and Lowestoft in England but unemployment in these places is high. Try London and County mortgage brokers; they will be able to tell you what is available for you; they helped us very much.

Answer 6

Apply online at www.surefirefinance.co.uk they will assess your application and get back to you, you can then tailor your mortgage to your requirements, they will make an offer and you decide if you want to accept it or not.

I did all this and didnt have to leave the house except to visit the postbox!! You can compare their offer against others online so you have nothing to lose and don't have to make a trip to see an advisor.