How am I ever going to buy a house?

[Sasha13]

OK - I earn �25K. Physically impossible for me to get a mortage big enough to buy a one bed flat where I live. Been busy paying student loans so don't have a deposit. By the time I save a deposit house prices will have increased hugely. I genuinely can't see how I will ever be able to afford a house. Can anyone offer any practical advice? Thanks!

[movieman101]

SImple Answer - See a specialist Independant Mortgage Advisor (whole of market advisor).

WHY?? Because they can work miracles and get you a brilliant deal thats NOT on the interent or high street!

Example - i went for a mortage at various high street and online places - most I could get from ANY COMPANY was �86,000.

What the hell can you buy for �86k ??

I saw two IMA's, and the first one said he could get me a deal where i'm allowed to borrow �150k paying �750 a month for 45yrs, and the second IMA got me a better deal borrowing �125k over 35yrs paying �640 a month.

Their fee's are between �400 and �900, and some out there are 100% free as the lender pays them commission only. They're usually very friendly too :-)

[movieman101]

Oh and by the way, DO NOT go for a Shared Ownership Scheme or ANY government scheme.

Why? because you get tied into their deals, you need their permission to make changes to the property, it's not really owning as you have to pay them RENT as well as your mortgage payment, when you want to remortgage it's a complete NIGHTMARE under these schemes AND to top it off, when you do sell one day, they get a % of the sale price - honestly it's a joke. It's disguised to LOOK as if it's helping young buyers, but in reality it's SCREWING them.