My not-so-youngster is thinking about buying in the next few years. And it's a long time since I bought a house so my info may be out of date. Here's my summary of what I said:
1 Save, save, save till the pips squeak, and use a higher interest European bank to save in.
2 Keep a second saving account for any emergency/holiday etc that might arise.
3 Current account for all daily/weekly/monthly expenses.
4 Ensure the money goes from salary straight to savings (once you've decided on an amount), so you don't even see it.
5 You'll need at least a 10% deposit on a house (has this changed?)
6 You'll need 3 years of accounts, including self-employment accounts. (Do banks take into consideration periods of time working abroad?)
7 You'll also need to take into consideration
cost of solicitor for conveyancing,
buying appliances,
mortgage insurance,
house insurance -
best to have all this saved for too. Anything else?
8 But there may be allowances for first time buyers of some description, but this can change from Budget to Budget. (Askaboutmoney is your best source of info)
What else would you advise, suggest or note for somebody in late 20s/early 30s? Is it true that banks don't take into consideration rent paid over previous years as an indication of what the person can afford?