Soldato
My thoughts, as I am currently in the middle of buying right now.
For a deposit, if its taking you a while to save for your deposit then I would recommend that you save for a 15% deposit. That way the interest rate, if fixed for a few years, is much lower than having a 10% deposit. If it takes you a long time to save for a deposit, then don't bother going for a 20%deposit as the savings on interest rates diminish after 15%.
As for fees, solicitors, including stamp duty for me is around 2.5k. No product fee, 1k cashback, 30 year mortgage. Wont cost me much to move in but I will need to buy a sofa and a bed.
As for student loans, I'm not sure that they do count against your credit rating, if anything it may help you as it shows you can consistently repay a loan. I might be wrong on this though.
In response to those talking about renting vs buying, in many instances, getting a mortgage can be cheaper than paying rent, with the added bonus that you wont be held at gunpoint by a landlord, the property would be yours to do as you wish and you can decorate or update to your own taste. The advantages of buying far outweigh the advantages of renting.
I will add that I was quite surprised to the average first time buyer age of 37. I'd be interested to know what the average age was in the period of boom as opposed to now (bust!).
For a deposit, if its taking you a while to save for your deposit then I would recommend that you save for a 15% deposit. That way the interest rate, if fixed for a few years, is much lower than having a 10% deposit. If it takes you a long time to save for a deposit, then don't bother going for a 20%deposit as the savings on interest rates diminish after 15%.
As for fees, solicitors, including stamp duty for me is around 2.5k. No product fee, 1k cashback, 30 year mortgage. Wont cost me much to move in but I will need to buy a sofa and a bed.
As for student loans, I'm not sure that they do count against your credit rating, if anything it may help you as it shows you can consistently repay a loan. I might be wrong on this though.
In response to those talking about renting vs buying, in many instances, getting a mortgage can be cheaper than paying rent, with the added bonus that you wont be held at gunpoint by a landlord, the property would be yours to do as you wish and you can decorate or update to your own taste. The advantages of buying far outweigh the advantages of renting.
I will add that I was quite surprised to the average first time buyer age of 37. I'd be interested to know what the average age was in the period of boom as opposed to now (bust!).
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