Tips on first time house buying 🤔

How quick are you thinking here?
I built up around 4k in savings and a really good credit score in around 6 months or so :smile:

but for a housing deposit you'd probably need alot more than 4k, unless you have a help to buy ISA

Reply 3

OP

Original post by Jackieox

How quick are you thinking here?
I built up around 4k in savings and a really good credit score in around 6 months or so :smile:

but for a housing deposit you'd probably need alot more than 4k, unless you have a help to buy ISA

Yes I am thinking within 3 years to save up a deposit of 12k. I am looking into using help to buy ISA. How did you build good credit score? Im 18 and haven't applied for any other cards except my young persons account since 16 haha.

Reply 4

Zarek

21

So, work out what you can save every month and save it religiously taking it out of your account before you can get your hands on it.. See if you can get some free savings advice from your bank. As a minimum use a fixed cash ISA. Even better find a shares ISA which matches your needs. If your employer offers any good saving options eg preferential share schemes, do it. Seek to earn as much as you can and waste less money on booze than I have done. Find a high earning financially astute adorable partner. Once you have a deposit and mortgage offer you have an advantage as a first time buyer in that you can move swiftly. Don't underestimate this. If you go for a new build they will throw in lots of extras that they buy on a large scale for good value, don't be shy about negotiating. Read money advice websites and some Alvin Hall books too. Good luck.

Reply 5

Jackieox

Original post by Jahir

Yes I am thinking within 3 years to save up a deposit of 12k. I am looking into using help to buy ISA. How did you build good credit score? Im 18 and haven't applied for any other cards except my young persons account since 16 haha.

I got a credit card and used it and paid it off in full every month, it quickly builds up :smile:

X

Reply 6

Blue_Cow

22

Original post by Jahir

Yes I am thinking within 3 years to save up a deposit of 12k. I am looking into using help to buy ISA. How did you build good credit score? Im 18 and haven't applied for any other cards except my young persons account since 16 haha.

Make sure you're on the electoral register. That will boost your credit score.

Reply 7

OP

Original post by Zarek

So, work out what you can save every month and save it religiously taking it out of your account before you can get your hands on it.. See if you can get some free savings advice from your bank. As a minimum use a fixed cash ISA. Even better find a shares ISA which matches your needs. If your employer offers any good saving options eg preferential share schemes, do it. Seek to earn as much as you can and waste less money on booze than I have done. Find a high earning financially astute adorable partner. Once you have a deposit and mortgage offer you have an advantage as a first time buyer in that you can move swiftly. Don't underestimate this. If you go for a new build they will throw in lots of extras that they buy on a large scale for good value, don't be shy about negotiating. Read money advice websites and some Alvin Hall books too. Good luck.

Thank You

Reply 8

OP

Original post by Jackieox

I got a credit card and used it and paid it off in full every month, it quickly builds up :smile:

X

Thank you. I was thinking about opening a basic current account and transfer my direct debits into that.

Reply 9

EternalLight

2

Original post by Jahir

Does anyone have tips on how to save up for a deposit quick and efficiently

Ask your daddy :biggrin:

That's what I'm going to do anyway :lol:

Reply 10

OP

Original post by EternalLight

Ask your daddy :biggrin:

That's what I'm going to do anyway :lol:

I wish my daddy was rich :h:

Reply 11

Zarek

21

Original post by Jahir

Thank You

On the study front I would thoroughly recommend doing a degree, but so much better if you can find an apprentiship route to fund this. Vote Labour too.

Reply 12

Jackieox

Original post by Jahir

Thank you. I was thinking about opening a basic current account and transfer my direct debits into that.

I didn't think that built up credit?

Reply 13

OP

Original post by Jackieox

I didn't think that built up credit?

Im unsure to be honest. I've been advised to start off with a basic current account.

Reply 14

username2667475

Original post by Jahir

So, I would like to purchase a house in the future. Kind of lost on career path, whether or not I shall go uni or what job to aim for. Does anyone have tips on how to save up for a deposit quick and efficiently and what I can do to build my credit rating? :yes:

thank you
Posted from TSR Mobile

Right well my mum and sister are mortgage advisors so I know one or two bits. Biggest piece of advice, don't get a car loan, its an extra commitment so it reduces the amount that you can borrow in a mortgage, and then it is obviously a lot harder to find a house as the prices are ridiculous and you would need a larger deposit.

(edited 6 years ago)

Reply 15

NX172

17

Original post by Jahir

So, I would like to purchase a house in the future. Kind of lost on career path, whether or not I shall go uni or what job to aim for. Does anyone have tips on how to save up for a deposit quick and efficiently and what I can do to build my credit rating? :yes:

thank you
Posted from TSR Mobile

Firstly, figure out how you're going to achieve stable income and make sure you get it.
Secondly, work on your credit rating and don't develop bad habits. Keep increasing your credit rating but use it responsibly. Keep an eye on it with credit reports and you'll soon figure out the tricks to keep it perfect as there's too much to write if I were to explain.

As for the deposit, make sure you budget each month and stick to it. Consistency is key here. Figure out what deposit you need and split it up into milestones. Even if you don't hit them. make sure you're as close as you can honestly get. If you can stay at home whilst working a good job. It's really easy to save up the necessary deposit. I was able to save £1500 a month on a junior salary by living at home. I barely save that now despite I now have double my original salary back then but have since moved out and living costs having gone up.

Reply 16

OP

Original post by NX172

Firstly, figure out how you're going to achieve stable income and make sure you get it.
Secondly, work on your credit rating and don't develop bad habits. Keep increasing your credit rating but use it responsibly. Keep an eye on it with credit reports and you'll soon figure out the tricks to keep it perfect as there's too much to write if I were to explain.

As for the deposit, make sure you budget each month and stick to it. Consistency is key here. Figure out what deposit you need and split it up into milestones. Even if you don't hit them. make sure you're as close as you can honestly get. If you can stay at home whilst working a good job. It's really easy to save up the necessary deposit. I was able to save £1500 a month on a junior salary by living at home. I barely save that now despite I now have double my original salary back then but have since moved out and living costs having gone up.

Wow, £1500! I wish i can save money like that :biggrin:

Thank you for the advise.

Reply 17

NX172

17

Original post by Blue_Cow

Make sure you're on the electoral register. That will boost your credit score.

This seems to be important to Equifax and reporting services that use Equifax. I was able to sustain 999 on Experian without being on the Electoral Roll.

Reply 18

OP

Original post by NX172

This seems to be important to Equifax and reporting services that use Equifax. I was able to sustain 999 on Experian without being on the Electoral Roll.

Yes it's quite important to a lot of companies. I have signed up onto the electoral roll.

Reply 19

username1799249