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5 years ago, as teachers in London a friend and I were able to buy a small two bed flat near greenwhich by combining our salaries and obtaining a key worker loan of 25000. The mortgage was interest only and the property has risen only by 20000 in value (at a push).
We now wish to go separate ways and I am hoping to buy a property with my partner in Somerset. However, due to the shared property in London -bought only with the help of a key worker loan, I am not considered a first time buyer. The money I will have raised from the London flat will be minimal once split three ways (me, my friend and the government taking back thier share of the equity) and I have only 3 thousand in savings.
I earn good money- me and my partner earn about 55 thousand a year between us. Yet we are unable to save massively due to high living costs and although I am in the position of being a first time buyer we wont benefit from any of the incentives or mortgage deals out there.
Help! What can we do. We are both in our thirties now and hoping to settle down and start a family- is there any hope?
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| Posted: 27 Oct 2011 09:09 Back to top |
Amanda
Posts:27
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Thanks for your question. Like many potential purchasers, saving for a deposit can be very difficult.
We would suggest that you have a serious review of your finances via an Independent Financial Advisor (IFA)- as they may find that taking all your income and expenditure into account, there could be some extra savings to make that could enhance your deposit. Once you have had your finances reviewed, discuss your situation with a mortgage broker to establish what your options are. A good mortgage broker to try that we know well and have used, is Andrew Montlake of Coreco http://www.corecogroup.co.uk/index.html.
You could also look into 'Key Worker' and Shared Ownership schemes in the area that you want to buy, as these are not always just for first time buyers.
We do hope this helps.
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| Posted: 01 Nov 2011 14:38 Back to top |