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Old 26th February 2014, 11:24   #1
Andydote
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Default Getting on the property ladder.

So, I'm 28, renting a maisonette and don't have much of a deposit. The place we are renting isn't ideal and I am desperate to get on the properly ladder.

With my first child due in a few weeks and my other half finishing work for the next 12 months, saving will be tight.

There are some help to buy schemes out there but they all confuse me.

I'm on a fairly good salary for my age, and by looking online I 'should' be able to get a mortgage myself of around £130,000, but this is hard without a decent deposit.

Does anyone have any advice on any schemes that could help me?

Or does anyone have £15,000 they can lend me!?
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Old 26th February 2014, 11:27   #2
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Have a look at new building developments in your area. They have schemes that will help with insentives for first time buyers.
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Old 26th February 2014, 11:31   #3
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As Pab has said, look at new build help to buy schemes. On £130,000 you would need £6500 deposit and a 95% mortgage.
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Old 26th February 2014, 13:09   #4
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We bought our house through the government help to buy scheme, started the process in August, and moved in December. I can't remember exactly how it works with regard to when we start paying it back, but we have a few years of just paying a mortgage.

The house: when we applied for the scheme it was only available on new builds, but I believe it's not available on old houses too. Luckily for us we wanted to live in an area that has a bad name, Corby (it's not actually bad though). So house prices are cheaper than most places.

We got a 4 bed semi, list price was £159,950, carpeted throughout, turfed garden, and chose the kitchen but that's about it. We were told the government restrict the "incentives" that developers can offer on the help to buy scheme. We paid a 5% deposit, so approx. £8000, the mortgage was £118,000-£119,000, and then the scheme took care of the rest. The mortgage payments are approx. £585 a month.

The developers recommended a financial advisor and a solicitor. I'd highly recommend the use of the financial advisor, took all the stress out of finding a mortgage, buildings and contents insurance, and life cover. We just gave him some details and he went out and found us the best deals.

I know a lot of people think the scheme is a bad idea, and that it's just getting people in more debt that when they've got to start paying back, they won't manage. However if theres circumstances that will only affect you for a few years, and then you'll have more cash, I don't see the problem.

So overall, move to Corby! It's cheap!

Getting the deposit is key, once you've done that you can go to a developer and talk to the sales team and find out more, or a local estate agent.

Oh and you can't legally borrow money from parents for deposit.... It has to be a gift, with a statement showing the transfer and a letter confirming it's a gift and not a loan.
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Old 26th February 2014, 19:53   #5
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Quote:
Originally Posted by bikerdude666 View Post
We bought our house through the government help to buy scheme, started the process in August, and moved in December. I can't remember exactly how it works with regard to when we start paying it back, but we have a few years of just paying a mortgage.

The house: when we applied for the scheme it was only available on new builds, but I believe it's not available on old houses too. Luckily for us we wanted to live in an area that has a bad name, Corby (it's not actually bad though). So house prices are cheaper than most places.

We got a 4 bed semi, list price was £159,950, carpeted throughout, turfed garden, and chose the kitchen but that's about it. We were told the government restrict the "incentives" that developers can offer on the help to buy scheme. We paid a 5% deposit, so approx. £8000, the mortgage was £118,000-£119,000, and then the scheme took care of the rest. The mortgage payments are approx. £585 a month.

The developers recommended a financial advisor and a solicitor. I'd highly recommend the use of the financial advisor, took all the stress out of finding a mortgage, buildings and contents insurance, and life cover. We just gave him some details and he went out and found us the best deals.

I know a lot of people think the scheme is a bad idea, and that it's just getting people in more debt that when they've got to start paying back, they won't manage. However if theres circumstances that will only affect you for a few years, and then you'll have more cash, I don't see the problem.

So overall, move to Corby! It's cheap!

Getting the deposit is key, once you've done that you can go to a developer and talk to the sales team and find out more, or a local estate agent.

Oh and you can't legally borrow money from parents for deposit.... It has to be a gift, with a statement showing the transfer and a letter confirming it's a gift and not a loan.

Had to look twice then. We are planning on moving to Little Stanion. We've been and viewed a couple of times and really like the place. Plus, I work 2 minutes away from there
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Link to my Auto Boot Lift Mod
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Old 26th February 2014, 20:11   #6
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this may be of interesthttps://www.sharetobuy.com/
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Old 26th February 2014, 22:14   #7
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Blimey, move to Crewe, you could buy two houses for £160000, you would be living near me though, so not all good.
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Old 26th February 2014, 23:53   #8
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Quote:
Originally Posted by Steve916 View Post
Had to look twice then. We are planning on moving to Little Stanion. We've been and viewed a couple of times and really like the place. Plus, I work 2 minutes away from there
Really?! Which developer are you looking at? We went with Lagan homes, house is a 'Newport' you're welcome to pop round sometime for a chat if you want, or PM me. It's a lovely quiet place to live, and house prices here have already increased around £5000 as there's a new link road being built, and a cinema in Corby town centre.
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Old 27th February 2014, 06:14   #9
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We're in the process of putting our 3 bed semi on the market to move to a nicer area with better schools. it's amazing and disheartening looking at what we can buy for twice the money.

To get into the area we want, a 2 bed bungalow or tiny house are the only options under £160k.
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Old 27th February 2014, 11:50   #10
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If anyone needs an I dependant whole of market mortgage broker with over 20 yrs experience please inbox me regardless where in the country you are. My wife is a broker.
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