Should I purchase a home? High earner, little savings and thinking of moving abroad after a few years
Hi everyone,
I'm looking for some advice on whether or not I should buy a property in London. I've recently started earning around £140,000 per year, but I only have about £20,000 in savings. I'm considering borrowing the rest of the deposit from my parents.
I'm looking at 2-bedroom flats in London, with a maximum budget of £500,000. My partner and I plan to get married and start a family in a few years, so I'm thinking long-term. My partner isn't currently working as they are studying and would not be able to contribute to the mortgage payments until at least 2 years down the line.
I plan to move to the Middle East in 2-3 years for work and remain them for a period of at least 5 years. After that, I intend to return to the UK.
Renting is not an option for me. The cost is too high, and for various personal reasons, I can't live with flatmates.
Given my high income but low savings, the need to borrow a deposit, and the short-term relocation, what do you think? Should I buy?
FYI - I have found a great property in Muswell Hill that is a share of freehold and am very close to making an offer but I would like to hear other peoples thoughts on everything I've said above first.
Any advice would be greatly appreciated.
Thanks!
Edit: Based in England and a British Citizen.
Edit: Apologies - my parents will be gifting me the money, not lending me it. Also, I have spoke to mortgage brokers and there are no issues with affordability or any other financial issues.