Im 18 and want to leave home, but i want to buy my own home not rent or nothing how much would be an ideal amount for a deposit in the Lowestoft area(England UK)...... Thanks for your time
2007-10-18 08:30:33 · 7 answers · asked by Cockney Hustler 3 in Business & Finance ➔ Renting & Real Estate
do you have a full time job that can support a mortgage and associated housing costs at age 18?
2007-10-18 08:32:57 · answer #1 · answered by Anonymous · 1⤊ 0⤋
an average 2 bedroom house in lowestoft is around £90000 +, so you will need approximately £4500 - £9000 (5-10%) of the purchase price as a deposit, although there are some mortgage lenders that offer 100% mortgages, so it is always best to shop around. You will need to provide proof of income for around 3 to 6 months to prove that you are financially secure enough to make the mortgage repayments. Might be an idea to by with friends to help with the costs?
2007-10-19 06:44:36 · answer #2 · answered by Kerry K 6 · 0⤊ 0⤋
How are you going to afford a mortgage payment and the upkeep on a house? That does not sound very realistic. You will not have any money left over to have fun, and at your age that would be a shame. Unless you're from a wealthy family and have the money, in which case, 10 to 20% down and have a blast!!!
2007-10-18 15:35:17 · answer #3 · answered by marie 7 · 2⤊ 0⤋
Assuming a house price of £150,000 - and I'd imagine that you wouldn't get much for that, you'd need to cough up £15k deposit, stamp duty of 1% = £1,500, legal fees and basic admin - make that £3.4k to a round £20k.
Add on top of that furniture and basic DIY that you'll need to do and/or pay for £10k.
To support this, you'll need to be earning around £40k. You can suppliment this by having a lodger. But with the size of house you're going to get - it's going to be cramped.
On top of this you'll need to factor in council tax, gas, electricity and water. Plus food bills, savings, entertainment cash.
If I were you, I'd rent somewhere cheap and save like an absolute nutter; including a second job. Bar work's good (I used to do this and viewed it as a paid night out).
Sorry to sounds a bit negative on the issue.
2007-10-18 15:34:32 · answer #4 · answered by Felidae 5 · 3⤊ 0⤋
I admire your ambition, however unrealistic.
One possible way would be to buy with friends. If say 3 of you contribute to a 2 bed flat, then the finances start to make sense (if you could raise say £10K)
Mind you, must be friends you trust and could tolerate under your feet!
2007-10-18 15:50:40 · answer #5 · answered by The goblin 5 · 1⤊ 0⤋
Roughly 10% of the purchase is the accepted norm.
2007-10-18 15:33:23 · answer #6 · answered by Sal*UK 7 · 1⤊ 0⤋
ha you'll be lucky love! prices in this country are flippin awful! obviously u'd need a deposit, id go to a estate agent and enquire
2007-10-18 15:38:20 · answer #7 · answered by Crissie 5 · 0⤊ 0⤋