Help!!!

[BTS]

Im hoping you guys would be able to give me some advice/a push in the right direction.

im 19 and looking to move out of my parents house with my fiance, getting a place of our own. Now im not sure if its best to rent or get a mortgage. Our income together is 20-25k (tax and Nat Ins already deducted). if we rent we dont really know how much to budget for rent, bills etc.......


Any help would be appreciated.

Brad

 

[Ricey]

Im hoping you guys would be able to give me some advice/a push in the right direction.

im 19 and looking to move out of my parents house with my fiance, getting a place of our own. Now im not sure if its best to rent or get a mortgage. Our income together is 20-25k. if we rent we dont really know how much to budget for rent, bills etc.......


Any help would be appreciated.

Brad

Do you have any sort of money to use as a deposit, cause if you haven't thats buying out of the question.

 

[OldBlueLady]

Im hoping you guys would be able to give me some advice/a push in the right direction.

im 19 and looking to move out of my parents house with my fiance, getting a place of our own. Now im not sure if its best to rent or get a mortgage. Our income together is 20-25k. if we rent we dont really know how much to budget for rent, bills etc.......


Any help would be appreciated.

Brad

Give us an idea of the area you're looking, as that has some bearing. Would always recommend buying if you can, seems pointless throwing money away on rent.

 

[MK Shrimper]

Mortgage today is going to be very tough for you. I suggest a shared ownership kind of deal where you buy 60% of the house and rent the remaining 40% - my 23yr old niece & her fiancee are doing this at the mo.

19 mate.... stay at home. Save your pennies. See a bit of the world (you can do it together!) before you worry about that kind of thing.

£2K will get a years working visa to Oz....

 

[BrettieAngell]

Im hoping you guys would be able to give me some advice/a push in the right direction.

im 19 and looking to move out of my parents house with my fiance, getting a place of our own. Now im not sure if its best to rent or get a mortgage. Our income together is 20-25k (tax and Nat Ins already deducted). if we rent we dont really know how much to budget for rent, bills etc.......


Any help would be appreciated.

Brad

You're gonna really struggle to get a mortgagae mate and tbh I wouldnt bother at your age anyway.

Renting is that cheap at the moment, a decent 2 bed flat in Southend is anywhere from £600 a month rent. Add a few hundred quid on for bills!

 

[Ricey]

Give us an idea of the area you're looking, as that has some bearing. Would always recommend buying if you can, seems pointless throwing money away on rent.

Exactly what I was going to say, problem is though with such a small joint income unless they have a large deposit buying is simply out of the question. Unless you go for shared ownership or an interest only mortgage.

 

[BTS]

We would prefer ashingdon, rochford, rayleigh, hockley. hullbridge. We dont particually want to go out as far as southend.

No savings at the moment, planning on saving up over the next few months.

 

[MK Shrimper]

Many mortgage companies are pulling these deals. Your bog standard repayment mortgage will soon be the only thing left and you'll need 10% deposit.

 

[BTS]

cheers guys, thanks for the advice, think buying is out of the question then unless its a shared ownership, may have to look into this then

 

[number11]

Mortgage today is going to be very tough for you. I suggest a shared ownership kind of deal where you buy 60% of the house and rent the remaining 40% - my 23yr old niece & her fiancee are doing this at the mo.

19 mate.... stay at home. Save your pennies. See a bit of the world (you can do it together!) before you worry about that kind of thing.

£2K will get a years working visa to Oz....

Id agree with this advice....especially if you are at best only able to afford an interest only mortgage. Unless there is pressure to move out, stay at home as long as you can to save up. THen use the money for deposit, or as I would advice, MK's suggestion of travelling.....think there are more opportunities for this when you are younger.

If you dont live together at the moment but are adament you do want to,you may also want to consider renting first just so you know you can stand the sight of each other living under the same roof!

 

[OldBlueLady]

We would prefer ashingdon, rochford, rayleigh, hockley. hullbridge. We dont particually want to go out as far as southend.

No savings at the moment, planning on saving up over the next few months.

think there are some of these shared ownership schemes around the outskirts of Rayleigh, so suggest you spend the weekend having a good look around. Good luck, it's an exciting time!

 

[sufcintheprem]

Renting is that cheap at the moment, a decent 2 bed flat in Southend is anywhere from £600 a month rent. Add a few hundred quid on for bills!

I try really hard to avoid seeing how much cheaper rent is in Southend and still tell friends that it's not much behind London. Deep down I know I'm lying.

When we were paying £1200 pcm for a 3 bed flat, it felt like an absolute bargain.

 

[steveo]

19 seems very young to move out these days. Call me cynical but I would give it a couple of years so see if the woman is the right one for you - especially before buying.

 

[Swiss Tony]

Well done to all above,some mixture of good advice with out any unneeded sarcasm,good luck young ones your choice PS leave enough every fortnight for your blues ticket.

 

[MJ_WFC]

Totally agree with a lot of the comments below about saving up to put a deposit down on a place, especially if you havent got any savings currently, and also wait to see if your fiance is the right person as 19 is a very young age to make a decision like that.

But if you are sure, then I personally think you would be better off getting a mortage on a place but it would put a lot of stress on your relationship!

 

[Firestorm]

My daughter has a 1 bed flat in leigh , its around 500 pm and she is on considerably less than 25k pa GROSS and has to pay fares to london out of that.
A combined salary of 20-25 take home should give you a take home of 1750-2000 pm A Flat around 600 pm should easily be within your means