Hi everyone, I'm 21 new to the forum but excited about starting my path on becoming a moustachioed young fellow.
I'm looking for advice on a major financial decision I have coming up, I have two obvious options that will be approaching over the next few months, whether to buy my first house, or to save/invest the deposit and carry on living with the old man.
I'm based in the UK so all my figures are in GBP. I have £16k saved up, at the time of buying I would have more like £20k to put down on a deposit. The master plan is to get a 3 bed house and lodge out the spare rooms to my friends, which is tax free here in England up to £6k p/a, which would effectively pay my mortgage for me.
The alternative is carry on living with very low living costs at home, I'm currently saving around £800 per month, and look at index forums to invest in.
I suppose I'm not asking a direct either or question but just searching for advice, or maybe another suggestion that I may have over looked. So for a reference point interest rates are hovering just above 0 here, my savings account is earning me a measly 0.5% p/m but that also means interest on the mortgage would be around 3%.
Thanks for taking the time to read, I look forward to hearing your frugal wisdom!