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Is it advisable to try and buy a flat by yourself when you're only on a £20k salary?

Buying a property is a very scary thing but I feel I'm just throwing my money away renting. Most of my wages goes towards rent every month and with the ever increasing prices of property, I feel if I don't act soon I'll never be able to afford a place of my own. I'm a first-time buyer and will be going at it alone since I haven't got a partner or family member willing to buy with me. The flats I'm looking at are priced between £110k - £120k and I've already got my life savings of £10k to put down as a deposit. With a low salary of 20k, I'm scared I might be making a mistake. Could really do with some advice. Thanks in advance.

Asked By: Lynda - 9/13/2007
Best Answer - Chosen by Asker
Hi... More
Answered By: Emmie - 9/13/2007
Additional Answers (10)
if you can manage the repayments i would say go for it.. it will be money well spent in the long run... property prices go up and down but over all you will not loose out.. good luck
Answered By: confused - 9/13/2007
 
try shared ownership, as you can then buy more shares as time goes on
Answered By: lulu - 9/13/2007
 
If you buy your own property you at least will not be giving your hard earned money to a landlord. It is a bit daunting, but can only benefit you in the long term. You sound very sensible, so go for it. Good luck
Answered By: Emmarose - 9/13/2007
 
a good rule of thumb check out your bank loan officer for advice, never comitt all your reserve fund, check the housing market in the area you intend to buy in are there maitainence fees while living there fiigure all costs of purchase, nationwide the market is down so try to get the lowest price by looking at... More
Answered By: red top - 9/13/2007
 
If you're not paying too much more for mortgage than rent, it's a no brainer. Think long term.
Answered By: flopsy - 9/13/2007
 
Take a deep breath & do it Get an interest only mortgage Make sure it is a 2 bedroom property and rent out a room
Answered By: lowflighing - 9/13/2007
 
I was in a similar position to you 7 years ago. I decided to keep renting and wait for my salary to increase, sadly house prices have also risen quite steeply. I reckon you should buy if you can say yes to the following 3 questions... More
Answered By: tufty - 9/13/2007
 
Shared ownership would definetly be the best option especially as with a mortage you can only borrow three times the amount your earning soo that means a house for £60,000 (to possible £90,000) and i dont know where you live but its exremely unlikely that you'll find a nice place for that much... More
Answered By: Beautiful Diva - 9/13/2007
 
Not knowing the area you live makes it a little more difficult. I live in a town in Scotland, near Glasgow. A new build flat in Glasgow would be much, much more than here. A new build here (not absolute luxury) would be £125.000 - £150,000) but there are some not so new flats that are well, well within your price... More
Answered By: Ms Mat Urity - 9/13/2007
 
go for it - via your bank manager -Good for you - get to retirement age and well you will wish you had good luck
Answered By: Swan Crazy Dot - 9/13/2007
 
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