Hi everyone
My husband was lucky enough to receive a PPI repayment which means next month we can pay off our credit card! :j
We have a loan we are going to over pay on after the credit card is gone and by paying £800 a month on it we will pay it off by July 2014.
Once that is gone, we are debt free! :T
Then the business of saving for our deposit to buy our first home begins. I know next to nothing about mortgages but am trying to make a deposit saving plan to help keep us motivated.
We hope to save £800 a month until we have a 15-20% deposit on a £200,000 mortgage. We have 3 kids so we need a 3 bedroom house. If we save for 20%, it will take us 4 years 2 months to save the £40,000. I know there are mortgages available that require a smaller deposit but we would like a better rate and lower repayments. I am also currently a stay at home mum and in 5 years (the time it will take to finish paying our loan plus 4 years to save for a deposit) my youngest will be at school so I can get a full time job, which helps the mortgage cause!
My question is are we going about this the right way? Is there a better way to buy our first home (smaller deposit and larger mortgage?)
Also, I read the Nationwide save to buy account thread and wondered if that would be good for us. Our main account is with them but can we use it to save a larger deposit over a longer period?
My husband was lucky enough to receive a PPI repayment which means next month we can pay off our credit card! :j
We have a loan we are going to over pay on after the credit card is gone and by paying £800 a month on it we will pay it off by July 2014.
Once that is gone, we are debt free! :T
Then the business of saving for our deposit to buy our first home begins. I know next to nothing about mortgages but am trying to make a deposit saving plan to help keep us motivated.
We hope to save £800 a month until we have a 15-20% deposit on a £200,000 mortgage. We have 3 kids so we need a 3 bedroom house. If we save for 20%, it will take us 4 years 2 months to save the £40,000. I know there are mortgages available that require a smaller deposit but we would like a better rate and lower repayments. I am also currently a stay at home mum and in 5 years (the time it will take to finish paying our loan plus 4 years to save for a deposit) my youngest will be at school so I can get a full time job, which helps the mortgage cause!
My question is are we going about this the right way? Is there a better way to buy our first home (smaller deposit and larger mortgage?)
Also, I read the Nationwide save to buy account thread and wondered if that would be good for us. Our main account is with them but can we use it to save a larger deposit over a longer period?