Mortgage/renting/financial help please :)
Discussion
Was basically looking for some general advice on my current situation. And being PH there will no doubt be some amusing answers to keep me entertained as well :P
Basically I'm 21, and have just left uni and got a sales job at a motorbike garage. Am on a basic salary of £12.5k, and first year commission should take that to closer to £18k, then hopefully way above £20k come year 2.
Am currently living in a dirt cheap student flat renting off a mate of mine and is only circa £250 per month. Which for Edinburgh is easily £200 less than if I was to private let with a friend, and £400+ cheaper than letting on my own.
I have a four figure sum in my savings account, which has been accumulated from my part time job during uni, and buying/selling a few cars. Basically I don't fancy the idea of doubling my rent to get a nicer place and essentially paying someone else's mortgage. Now I know this is how the world works but I was just wondering what my options would be. Am I being way too far fetched to believe any bank will consider giving me a mortgage anywhere near big enough to be able to afford anything after another 12-24 months saving?
Or should I just blow it on a TVR!? .....
Opinions please :P
Cheers, EM177
Basically I'm 21, and have just left uni and got a sales job at a motorbike garage. Am on a basic salary of £12.5k, and first year commission should take that to closer to £18k, then hopefully way above £20k come year 2.
Am currently living in a dirt cheap student flat renting off a mate of mine and is only circa £250 per month. Which for Edinburgh is easily £200 less than if I was to private let with a friend, and £400+ cheaper than letting on my own.
I have a four figure sum in my savings account, which has been accumulated from my part time job during uni, and buying/selling a few cars. Basically I don't fancy the idea of doubling my rent to get a nicer place and essentially paying someone else's mortgage. Now I know this is how the world works but I was just wondering what my options would be. Am I being way too far fetched to believe any bank will consider giving me a mortgage anywhere near big enough to be able to afford anything after another 12-24 months saving?
Or should I just blow it on a TVR!? .....
Opinions please :P
Cheers, EM177
When I was 21 I had a similar decision to make, I decided to forget the mortgage buy nice clothes, cars, holidays etc. if I had entered property at that stage I would be so much better of now. However ,cars, beers etc, all add up to great memories! My advice is enjoy your twenties and doing the boring stuff in your thirties!
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