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Can Anyone Give Me A Plan To Buy My First House After Moving Away From My Parents House?

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Can Anyone Give Me A Plan To Buy My First House After Moving Away From My Parents House?

Postby Griswold » Sun Feb 01, 2015 9:26 pm

im starting apprenticeship programme with £100-200 per week 5 days per week and im willing to work behind the bar as my part time job! i am currently living with my parents so i dont pay for bills etc.. i've got a car and my parents are happy to give money for petrol, insurance, food and that!
Griswold
 
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Can Anyone Give Me A Plan To Buy My First House After Moving Away From My Parents House?

Postby Cutler » Mon Feb 02, 2015 5:05 am

Plan to give your parents 50-100 per week(half of your earnings) to hold for you during the next 6 months.
That way in 6 months you will have 1200-2500 saved up so you can afford to move out and pay your own rent.
It is much easier to have them hold your money than you trying not to spend it.
Good Luck
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Can Anyone Give Me A Plan To Buy My First House After Moving Away From My Parents House?

Postby Berchtwald » Mon Feb 02, 2015 8:36 am

Start saving for the deposit and other costs associated with buying a home

Say for example a house costs £100K, you need a deposit of £10K

and an income of £30K a year to pay the mortgage of £90K

My son moved out a few years ago, his first flat cost him £70K, he had a deposit of £7k saved,

along with another £3K to cover lawyers bills, surveys and furniture for the flat

So check the prices of properties where you want to move to, and work out what size of a mortgage you would need, then work out what salary you'll need to be able to afford the payments
Berchtwald
 
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Can Anyone Give Me A Plan To Buy My First House After Moving Away From My Parents House?

Postby Curtis » Mon Feb 02, 2015 11:12 pm

OK for starters you can borrow about 3.5 times your annual income as a mortgage.
So if we average out your income to £150 a week (before tax I am assuming), it gives an annual income of £7,800.
On that you could borrow £27,300

You would also need to be in that employment for about 2 years before you can apply

You would also need to find 10% of the asking price to put down as a deposit.

Now, I don't know where you live and what prices are like where you are, so you need to look at local property prices and then decide whether you can buy somewhere for about £30k !

Your parents paying for your card, food etc isn't going to make a difference to any mortgage lender - all they are interested in, is your income !
Curtis
 
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Can Anyone Give Me A Plan To Buy My First House After Moving Away From My Parents House?

Postby Alessandro » Thu Feb 05, 2015 12:02 am

Save Save and Save

Mortgage lenders require you to have

Two years full time employment

good credit history

Savings for down payment and closing costs.
Alessandro
 
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Can Anyone Give Me A Plan To Buy My First House After Moving Away From My Parents House?

Postby Cadwaladyr » Fri Feb 06, 2015 12:00 pm

Thanks for sharing

You'll need to consider several factors before settling your mind to buy. Please think of the type of house you would like to live in, which neighborhood would you want to raise your family in, and whether you can afford it.


The affordability will all depend on the cost of the house, you can check the average cost of a home in the area at Zillow.com.


After checking the cost of your dream house then, start a savings plan, in the plan consider investing the money in investments that earn you returns so that your money grows. What you want is to be able to afford the house even if it is through a mortgage.


All the best in your endeavors
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Can Anyone Give Me A Plan To Buy My First House After Moving Away From My Parents House?

Postby Yair » Sun Feb 08, 2015 4:09 am

It depends where you live. With that income (using £200 per week), the most expensive house you could manage to get would be about £50,000 - and there aren't many that cheap except in some northern industrial towns where there are old houses sitting empoty that no-one wants to live in. Reckon on a mortgage of no more than four times your annual salary, and having to save 10% of the purchase price as a deposit. Look at the price of cheap houses in your area, and you can work out how much you need to save, and what salary you would need to buy a house.

Example - if a cheap house in your area is £150,000 - you need to save up £15,000, and then be earning about £650 per week to afford the mortgage.
Yair
 
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Can Anyone Give Me A Plan To Buy My First House After Moving Away From My Parents House?

Postby Lindel » Mon Feb 09, 2015 4:04 pm

save for a down payment, and hope you'll qualify for a mortgage some day. most mortgages are between 1100 and 1500 a month, not including all bills for the house and home insurance- or your car and it's insurance.
Lindel
 
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Can Anyone Give Me A Plan To Buy My First House After Moving Away From My Parents House?

Postby Leodegrance » Tue Feb 10, 2015 8:56 pm

Go back home to your parents for a couple years, save some money and then buy a home.
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