First Time Buying

A question about : First Time Buying

Hi all,

First post here, so here goes.

For the past 6 months, I have been renting a house with some friends after deciding that at 24 years old I needed to get out of my parents' house. The current agreement is almost on a stay as long as you want basis, the current landlord is very laid back about the situation at the moment, and I don't have any long-term contracts tieing me down. However, this isn't going to last forever, and I think I need to think about my future.

For the past 3 years, I have been putting money away each month, and have currently amassed about Ј25k in savings. Having scoured the internet for mortgage comparison sites (and calculators that let me know what I'm likely to get) it looks as if I could be offered up to Ј110k over 25 years for mortgages at a rate I would easily be able to pay back (I am currently earning Ј24k pa).

I guess I'm really looking for advice on whether it is worth trying to get on the ladder now, or whether I would be better off waiting, saving for another 2/3 years, maybe moving on to a better paid job and being able to secure more on a mortgage? All the while this deliberating happens, property prices are shooting back up and renting elsewhere is as expensive as paying off a mortgage.

I understand that compared to most people my age, I am in an incredibly good situation, but aside from seeing a financial adviser/mortgage adviser, I thought I'd try my hand here first, hopefully some of you will be able to give me some unbiased, world-wise advice!

Thanks.

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