Over the past few days I’ve been thinking more and more about buying my own place. There are a lot of factors involved in terms of whether I even want to consider buying a place but right now I feel that should at least be a short term goal. If I end up changing my mind, leaving the country or changing to a career path that cannot easily sustain a mortgage, I can always sell up or quit the process mid-way through. But, at least getting my ducks in a row to purchase will give me the option.
So here’s what I’m thinking.
When
My timeline will be to buy between January and March 2023.
That means that as of today, I have 16 months to get my ducks in a row. Whilst that may seem like a long time, I need to raise a reasonable deposit as well.
The current Help to Buy: Equity Loan scheme also ends in March 2023 so I want to have completed the purchase before then.
If I manage to get it done before then, then all the better. Albeit, I want to try and avoid completing in the last six months of 2022 if possible.
How Much
I don’t want a massive mortgage—I essentially just want to avoid dead money in rent. At the same time I want to get enough to get a decent place.
I’m currently thinking of a budget of around £400K but I will need a healthy deposit to be able to do that.
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