I am a single 23 year old looking to buy her first property?

Question

to get on the property ladder I only earn 14000, can anyone recommend how to make this happen or tell me what my first step should be?

many thanks

Answer 1

Hi im a single 25 year old, i bought my first house in august 07, i was earning just over £20,000 so luckily could get a reasonable mortgage. I got upto £100,000 and found my perfect house. But i only had a small deposit of £5,000. The best advice i can offer you is to save as big a deposit as possible because otherwise you can only get upto 5 times £14,000 assuming you have a very good credit rating which is about £70,000 and doesnt get you much these days.
The bigger the deposit, the more they can lend you, also try and increase your earnings if possible.

Answer 2

On your salary you will only get a mortgage of around £45-£55,000. Unless you are in an area with very cheap homes, this is unlikely to be enough to get you somewhere.

So, there are a few suggestions I can make. Firstly, start saving as much money as you can. If you're living with your folks, you should be able to keep your living costs down enough to save at least half of your salary. With a bigger deposit you will find it easier to get a mortgage, and you will also have more to spend on the property.

Go to see a mortgage advisor to confirm exactly how much you can borrow. You bank, or most estate agents have advisors who won't charge you for a consultation. I found that the one linked to the estate agent was best - they used several different lenders, and get paid commission when you take out the mortgage - that's why they don't charge you. Places that charge you directly have more lenders to choose from - but at this stage this probably isn't necessary.

Your best bet to get on the housing ladder soon is to consider either shared ownership, or buying with someone else. A lot of people buy with friends or relatives - just make sure you will get on - it won't be much fun if you want to kill each other!

Shared ownership is the route I took to get my first home. The amount of money you can borrow would be enough for a one bed house or flat in many areas of the UK - although probably not London. Get yourself on the local council housing list, and talk to the housing department to see if they know of any properties available. In my area new houses are always being built, and the council requires most of them to provide a few shared ownership homes. Also register with all the local estate agents.

Before deciding to buy, work out a monthly budget, and make sure you can afford it. If you go for shared ownership, don't forget to include any rent and service charges applicable.

Answer 3

Do you have some money saved for closing costs and a down payment? If not, that would be a good first step.

Talk to your bank about what kind of loan you could qualify for and how much, and what you'll have to do to get it. That way you'll know what kind of range to be looking in. With income of $14K you'll be somewhat limited.

Good luck.

Answer 4

get a mortgage. with 14000 a year you should be able to get a mortgage for a cheap house (im sure you're not expecting anything expensive). if you can get a deposit on a house (2000-15000 depending who you buy with) then you can get 4/5 times your salary as a mortgage so bout 55000-70000.

good luck

Answer 5

actually it may sound like monty is taking the p#ss but static caravans are becoming very popular in the UK. And you can get some VERY decent ones.

No one can afford houses anymore hun, anyway they are leik soo last year anyway!

Answer 6

you need to get preapproved for a mortgage to see how much house you can afford on your salary - figure on needing at least 10% of the house price in cash for down payment, closing costs, appraisal, termite tests, house inspection ,etc.

Answer 7

A static caravan ,it`s becoming all the rage.

Answer 8

buy a flat decorate it and then suprise her