Mortgage?🏡

Ladies, please, could you share some advice with me how to make it possible to get a mortgage? Both my parents and my husband's parents were very bad in finances so barely taught us anything but luckily we don't have any debt. We are 22 and 25 and neither of us have qualifications but I am going to start studying in university in a few months. The money that we have right now is enough for us as a family of 4 but how should we get money to put away for the future, for a mortgage. Are there tricks? Do you have ideas on how to make money as a stay at home mom? My husband offered to get a Sunday job and put all of that wage away for mortgage but I would like to help financially too.

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I worked as a bank hca on nights and done night shifts every weekend whilst at uni (paid more) and put that money away as a deposit and done that for 3 years. My partner put one weeks wages away every month also to help save we opened a joint account so we could keep track as well. Bought our first home just as I had graduated in 2022. I will say just be mindful of the hidden fees like if you get a mortgage advisor they can be expensive also estate agent fees, decorating fees etc.

https://www.moneysavingexpert.com/mortgages/boost-mortgage-chances/#content there's some good tips here

@Naomi Wow, congratulations!🥰

@Dominique Thank you!!❤️

Open a LISA account. It’s a government saving scheme. You put 4000£ a year and they top it up by 1000£. You can both open it separately and get it topped up by 2k a year. It can only be used for buying first home or retirement. Otherwise there is a penalty to take money out. But something to think about.

https://www.instagram.com/my_mortgage_planner This page has loads of tips and tricks for first time buyers and they were so helpful for us on advice on how to start the process of buying, would recommend!

@Marta Interesting, thank-you!

I’m here for advice too.

Main thing is deposit and salary/income. If you have a huge deposit that covers over 50% of the property then you are fine, if not you need a high salary. Either ways for any suze mortgage you need to earn 4/5times. Ie if your mortgage is £100k your salary needs to be atleast 25k p/a

Bought my property in south london alone in 2020 age 29

@Onyinye Thank you for the information. I didn't know. Do you mean the deposit 100k or the total amount you're lending?

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