First time buyers

[Pickledonion24]

Have managed to save 200k between me and my partner. just feeling annoyed it won’t go anywhere really down south where I live

Not as frustrated as people with tiny deposits or none at all. Whoever suggested that putting it into a jointly owned property isn't sensible is spot on. That money needs to be legally protected if you go down that road, OP.

This isn't adding up? Is your saving including a large inheritance as otherwise you would surely get a bigger mortgage.

Ultimately your expecting too much for a first home:

We could get a small house needs to be near work with office space parking pref garage and a garden as I dog sit for my mum it’s not impossible but a house for that budget would need lots of work

Why office space? Do you WFH? If so wouldn't a corner in a room be ok?
You could rent a separate garage for vintage car
Honestly, you don't HAVE to dog sit.

What a pointless boast post
Bore off

Why don't you say what you really mean?

This makes no sense. You’ve managed to save £200k and your partner apparently has a good job but the max mortgage you can get is £150k. Your household income must be less than £35k... something doesn’t add up.

And you haven’t said where you are other than South East but not London but a 1-2 bed flat with a parking space shouldn’t be that difficult to find for £350k. Again makes no sense unless this is a massive drip feed.

How much of that is ‘saved’ and how much is inheritance?

If you can only get £150,000 mortgage between you, then you’re both on low wages and neither of you have a job that’s worth planning your life around.

If you are as young as you sound and if it is largely an inheritance then FFS make sure your deposit is ring fenced by a GOOD Solicitor.

I live in a very average part of the SE and £350,000 really doesn’t buy you very much. So either you accept that or you move elsewhere, where your £200,000 will buy you something nice outright.

Bored I think that was ipad for off street parking. Not intended to be ‘office space’.

Troubled it doesn't make sense because OP and her partner didn't save the money up, she got an inheritance a while back.... I remember the name because I am partial to a pickled onion

I advised the OP not to sink her inheritance into a property she's buying with her boyfriend (she's quite young from what I remember).

The lovely 2 bed house across from us is on for 180K (with garage/driveway/garden). London is less than an hour away (albeit on the High Speed train).
You're being a tad ridiculous.

This is hilarious. How can anyone complain that they have £200k in the bank? Surely, OP you can see that this is a crazy view?

You need to stop thinking 'its terrible, it's not enough' and start thinking about how you can work with the very generous amount of cash you have.

And there was me thinking I was the luckiest person alive when MIL gave us £20k to use as the deposit on our first house (yes, we bought a fixer upper for £205k, we've worked crazy hard and it's becoming a wonderful home). I still think I'm incredibly lucky, despite the OP being disappointed with her tiny £200k...

Where do you live in the South East?

If you are capable of saving £200k. Then surely your jobs will be high paying enough to get a bigger mortgage than £150k between you?

If not- £350k is a pretty decent amount to be playing with for a first time buyers home.

Where are you hoping to buy?

I live in z5 and you can buy a 2/3 bed (small) house with off street parking less than a mile from a station which will take you into Central in under 25 minutes.

So YABU.

To be fair, it is crazy that £200k is not that great when you want to buy your first property. The prices are insane.

Ah BadTaste that makes a lot more sense, not being so keen on pickled onion myself, I clearly missed the previous thread! However, the OP says very clearly in her OP that they’ve ‘saved up’...

BLOODY hell! I’ve just put an offer in on a 2 bed, in a fairly nice southern area for 110. Asking price 116950. It’s got a garden and a parking space!
This thread is madness

I’ve got a 90k mortgage on casual /pt work too - not being goady just wondering how I can borrow so much alone with a relatively small deposit when you have almost 10x more xxx

OP I feel your pain on the cost of housing in the south east. It is mental. I also don’t feel I could move away, all my very important support network is here. But you must be earning a pretty good amount to be able to save that much, could you really only afford a £150,000 mortgage on top of that? That seems unlikely unless a lot of that money was inherited?

Do you feel you have to stay very very close to your parents? Where I am, just inside the M25, very nice area, direct trains into Waterloo, most expensive area that isn’t London proper, you could get a nice 3 bed with a driveway for £400,000. So I think it’s likely there are more options than you think?

£200,000 would just about get a small flat here.

but add a mortgage for £150 and you can get a decent flat for £350 in reasonable areas.

it’s not impossible but a house for that budget would need lots of work

Aw, diddums.
Fancy a first time buyer having to compromise and maybe not get a house , with parking, with dog sitting room, with a home office, and not needing any work.
My heart bleeds.

Perhaps your Mum will have to pay for a dog sitter??

You can still get a mortgage though?!

We have a family soliciter I’m fully protected so is he. I can’t drive so needs to be close to my work or with good bus links which obviously puts the price up

He doesn't need protection. You most definitely do. You could end up kissing half your inheritance goodbye if you're not very, very careful.

So what area are you looking to buy in, ideally?

In other news, my pony is sick and Daddy won't buy me a new one.