Dunno if this is the right forum for something like this, but was hoping for a few ideas...
I finished my undergraduate in 2001 and did go back to uni for a postgraduate a couple of years ago, but that never came to anything.In spite of not getting a graduate job, I worked shitty dead end temp type jobs with no prospects and so far paid off my student overdraft (large student loan outstanding) but managed to amass savings in excess of 30K since I graduated. Now I have a proper job, paying 20K p.a. and thought it was time I figured getting a place since my 300+ rent per month is effectively disappearing.
My idea was to get the biggest place I could afford, keep one room myself and let the rest on a room + bills basis and let that pay off my mortgage. Went to look at mortgages the other day, and the most they's stump up was
75K on 40 year terms. So wiping out my savings that makes 105K which is enough for a two bed terrace/semi in a shit area of Leicester - everyone who lives there knows that Eyres Monsell and Braunstone are "sought after" (agency description) areas, if only by those interested in drug dealing or burglary. Or I could get a decent 1 bed flat. Apparently, because even though I have three credit cards without missing a payment on each in three years, I don't actually have amounts outstanding on them and perversely, this means that they won't lend me as much as they previously thought I could get - they reckoned on 120K at first glance.Any ideas how I might be able to proceed? A bit short of ideas at the moment. If I wait and save more, prices will have risen by the amount of savings.
Marcus