I'm looking to get on the property ladder as soon as possible but due to being the sole earner in our household and having a family I can't put away as much as I would like. I'm hoping in the next 6 months I can put together somewhere in the region of £5,000 - £7,000 and potentially borrow around another £5,000 - £10,000 from parents.

At the moment it appears that the help-to-buy scheme for new build properties is one of the best options, however I understand that this scheme will end in December this year and so won't be an option when it comes to buying. I also have an old CCJ sat on my credit file (it was about £90 and actually caused by an admin error on the company's part rather than me actually owing any money but will go against me nonetheless)

What would be the best advice for someone in my position to get on the ladder as soon as possible? Are there other ways of getting a mortgage with a lower deposit? Should I spend the money trying to get the CCJ set aside? (~£250 I believe)

I feel a bit overwhelmed by all the information and not sure if I'm best waiting it out and trying to save more, or getting on the ladder sooner rather than later.

The alternative is renting, which in my area is around £850pcm for a house

  • How much would an appropriate house in your area cost? (i.e. similar to one you could rent) – GS - Apologise to Monica Oct 1 '16 at 14:57
  • I've seen it vary between £130,000 to £200,000 depending on area, semi vs terraced etc. So £165,000 is probably a safe average to work from – SierraOscar Oct 1 '16 at 15:29
  • Just a comment, rather than an answer - from personal experience, lenders can get a bit twitchy if they think the money you're putting down as a deposit may not actually be yours. They want to know that the loan will be affordable, and that may not be the case if you actually borrowed half of the deposit and need to pay it back again. – Simon B Oct 5 '16 at 21:15
  • @SimonB Yeah I read up about that, apparently I would need to get parents to sign something saying that the money is 'gifted' and therefore no obligation to repay, which I think they would be fine doing but obviously need to check beforehand – SierraOscar Oct 5 '16 at 21:26

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