life

Getting in the property ladder

Being in the work position that I am, I have always assumed that I’d never get on the property ladder and I would be forever reliant on rentals.

If I stay where I am in 2 years I’ll be at the top of the NHS band 2 scale but there will be no progression after that. If I can get into nurse training I would start on £21,692 and by the time I’d be in a position to buy I’d have no credit so only an outcome of £300 to be considered when apply for a mortgage.

So far I have looked at Natwest & Nationwide mortgage calculators which give be a varied mortgage amount. Natwest says £81-85k while Nationwide says £57k, a bug difference!

The issues are actually saving for a deposit and the amount I’d need to get anything where we live now (Keith’s age would count him out of a joined mortgage).

Studios – £60 to £135k (lower end are investments or over 60s)
1 bed – £84 to £200k
2 bed – £120 to £475k
3 bed – £185 to £950k

I’d be looking at needing £30-50k as a deposit and to save that up in even 10 years is going to be extremely hard. If I WAS to buy I’d like to buy by the time I’m 40 so 5 years of saving, I Might be able to save £10k. Unfortunately we like to go on holiday so need to save for those too 🙂

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