Hi all :)
Cash in hand now: £43k
Salary: £46k
Debt: None
Credit score: (Literally) perfect
I would like to buy a 250k house within 5 miles of Cambridge with a 40k deposit. I had planned to save up for a 50k (20%) deposit but this will only be completed at the end of this year ...*dramatic drumroll* ... right when the HTB scheme is going to kick in (and probably bump prices).
My current thoughts are to bite the bullet and buy with a 15% deposit now. Annoyingly by the very end of this year or very early next year I will easily have enough to bump the deposit up to 20%.
The other option is to simply wait until I hit exactly 20$ and assume HTB wont have much of an effect.
The other other option is to deliberately use HTB to buy a >250k place.
Going in with a 15% deposit (instead of 20%) means another £200 per month which I really hate to pay.
The other other other option is to buy for £200k now using the £40k as a 20% deposit. Whats on the market at £200k isnt very attractive though...
Any thoughts?
Cash in hand now: £43k
Salary: £46k
Debt: None
Credit score: (Literally) perfect
I would like to buy a 250k house within 5 miles of Cambridge with a 40k deposit. I had planned to save up for a 50k (20%) deposit but this will only be completed at the end of this year ...*dramatic drumroll* ... right when the HTB scheme is going to kick in (and probably bump prices).
My current thoughts are to bite the bullet and buy with a 15% deposit now. Annoyingly by the very end of this year or very early next year I will easily have enough to bump the deposit up to 20%.
The other option is to simply wait until I hit exactly 20$ and assume HTB wont have much of an effect.
The other other option is to deliberately use HTB to buy a >250k place.
Going in with a 15% deposit (instead of 20%) means another £200 per month which I really hate to pay.
The other other other option is to buy for £200k now using the £40k as a 20% deposit. Whats on the market at £200k isnt very attractive though...
Any thoughts?