Halifax have just announced a 90% mortgage, whereby you would require 10% deposit.
Based on this salary your maximum borrowing would approximately be around 拢80,000 so with 10% deposit = 拢8,000; giving a purchase price of 拢88,000 (less any other borrowings). This may not be enough depending on where you live but if you also have a friend in similar position you could take out a joint mortgage.
Disclaimer:
The answers above are for guidance only and should not be acted upon without you receiving professional mortgage advice relevant to your circumstances. To find an independent mortgage adviser please go to http://www.unbiased.co.ukHow can i save for a mortgage?
22k a year is roughly 423 a week, less after taxes. How much of this do you need to live? Get money diverted from your paycheck straight into a savings account. Investigate which regular savings package offers best interest, and re-check at regular intervals as the different offers may change. Start keeping records of your spending, so you know where it has gone. Then set yourself a challenge to see if you can cut down - that will free up more to save, or set a target you would like to reach, and aim for it. Find free or nearly free things to do (free concerts, exhibitions, museums, talks, anything else that might be happening locally). Use your library and the internet. Cook extra for future meals - it takes less power to re-heat or microwave. Look for other cost-cutting ideas at www.moneysavingsexpert.com or elsewhere. There is lots of advice out there.
How much would you need to save? As much as possible. The bigger deposit you can manage, the less you will need to borrow. Could you save half your salary? A third? A quarter? Whatever you do, it makes sense to save now, and it will be there when you need it in the future.
do what i did.
when i was looking at houses i asked the people living there if they could pay for my deposit (vendor gift deposit they call it). but as the prices are going down they would loose that say 拢10000.00 on it so you can use it on a deposit instead. and it saved me saving my **** off lol and had more cash to do house up.
It does not exactly work that way.
I don't want to ';overload'; you with information.
Start here, this does a pretty good job of explaining ';home ownership 101';!
http://finance.yahoo.com/how-to-guide/re鈥?/a>
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