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Tips on first time house buying 🤔 Watch

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    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
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    Best piece of advice? Don't buy property in a post-Brexit economy. Move somewhere else before buying property.

    All other advice that assumes your stay in this country as inferior.
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    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 but for a housing deposit you'd probably need alot more than 4k, unless you have a help to buy ISA
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    (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 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.
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    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.
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    (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 X
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    (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.
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    (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
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    (Original post by Jackieox)
    I got a credit card and used it and paid it off in full every month, it quickly builds up X
    Thank you. I was thinking about opening a basic current account and transfer my direct debits into that.
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    (Original post by Jahir)
    Does anyone have tips on how to save up for a deposit quick and efficiently
    Ask your daddy That's what I'm going to do anyway :lol:
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    (Original post by EternalLight)
    Ask your daddy That's what I'm going to do anyway :lol:
    I wish my daddy was rich
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    (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.
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    (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?
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    (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.
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    (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
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    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.
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    (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
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    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.
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    (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 Thank you for the advise.
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    (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.
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    (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.
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    (Original post by Withengar)
    Best piece of advice? Don't buy property in a post-Brexit economy. Move somewhere else before buying property.

    All other advice that assumes your stay in this country as inferior.
    Maybe - shock horror, the OP wants to buy a house to live in. You know, like they did in the olden days. Why on earth housing is seen as just an investment is beyond me. If you live there there is no issue around falling prices.

    To the OP - As a singleton, buying a house is really hard. However as a couple, or with two incomes it is a doddle. You might not be able to live in the nicest areas but if you are smart you can make your money go a long way.

    Me - I rented through my rebellious twenties and waited until I settled down with my now wife before buying our first house. Our mortgage was 6% on a £128k mortgage which came in at £800 a month. We lost a tonne of money on the financial crash, but because we had overpaid the mortgage still managed to get a decent deposit together to buy our forever home with a mortgage of £192k which at 3% costs us £700 a month! The future is bright if you use your loaf.

    Good luck!
 
 
 
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