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    • VCUK
    • By VCUK 18th Oct 16, 2:40 PM
    • 7Posts
    • 0Thanks
    VCUK
    First Time Buyer Very confused
    • #1
    • 18th Oct 16, 2:40 PM
    First Time Buyer Very confused 18th Oct 16 at 2:40 PM
    Hi All , Basically i'm 27, First Time buyer , salary around 36k with a 30k deposit, but i cant find anything ...

    My First AIP was for 171k with Halifax, but now i cant find anything .

    I'm shocked , i'm not looking for a palace but merely a 2-3 bed house within M25 or good transport links but everywhere i look on sites the only ones that show up are , Boats and Barges , or Homewise properties for 60yrs +

    i dont want shared ownership as i believe these IKEA houses are already over inflated and poorly built , (i have a few friends in them and heard bad experiences)
    Buying a flat is possible but not what i want , I've lived in flats all my life and now wish to actually live in a house .

    Am i barking up the wrong tree and looking in the wrong places or what do i have to do ?
    Last edited by VCUK; 18-10-2016 at 2:50 PM.
Page 1
    • Bluebirdman of Alcathays
    • By Bluebirdman of Alcathays 18th Oct 16, 2:50 PM
    • 2,679 Posts
    • 2,943 Thanks
    Bluebirdman of Alcathays
    • #2
    • 18th Oct 16, 2:50 PM
    • #2
    • 18th Oct 16, 2:50 PM
    So you want a 2-3 bedroom property for 171k in one of the most expensive cities on the planet? I had to spend 100k more than that to get a 2-3 bed in Bristol. I think you need to manage your own expectations.
    • VCUK
    • By VCUK 18th Oct 16, 3:01 PM
    • 7 Posts
    • 0 Thanks
    VCUK
    • #3
    • 18th Oct 16, 3:01 PM
    • #3
    • 18th Oct 16, 3:01 PM
    it is possible , however they are around 230-250K minimum, my deposit + Mortgage totals to £200
    so i'm about 30k-50K short...

    does credit score make any difference in obtaining a higher mortgage ?
    • Bluebirdman of Alcathays
    • By Bluebirdman of Alcathays 18th Oct 16, 3:06 PM
    • 2,679 Posts
    • 2,943 Thanks
    Bluebirdman of Alcathays
    • #4
    • 18th Oct 16, 3:06 PM
    • #4
    • 18th Oct 16, 3:06 PM
    it is possible , however they are around 230-250K minimum, my deposit + Mortgage totals to £200
    so i'm about 30k-50K short...

    does credit score make any difference in obtaining a higher mortgage ?
    Originally posted by VCUK
    I think the most you can realistically borrow is 4.5x salary. With your deposit, that takes you to 192k. If you have a bad credit score, they will offer less/not offer at all. But a good "score" won't help. In any case, ignore the "score", they are not seen by any bank. It's the information that is important.
    • Candyapple
    • By Candyapple 18th Oct 16, 3:07 PM
    • 1,475 Posts
    • 1,173 Thanks
    Candyapple
    • #5
    • 18th Oct 16, 3:07 PM
    • #5
    • 18th Oct 16, 3:07 PM
    No, your credit score is pointless, a marketing tool made up by the credit reference agencies to get you to part with your cash to pay their monthly subscriptions, so it bears no relevenace to your ability to obtain a mortgage of a higher amount.

    Heed the advice in post #2.

    You need to up your income and also your deposit. That's the only way you are going to be able to afford a house instead of a flat being single.

    Unless of course you have a partner, in which case both your salaries and deposits combined would give you a higher lending power.
    • MumOf2
    • By MumOf2 18th Oct 16, 3:09 PM
    • 512 Posts
    • 916 Thanks
    MumOf2
    • #6
    • 18th Oct 16, 3:09 PM
    • #6
    • 18th Oct 16, 3:09 PM
    Hi. Sorry to hear you can't get the type of property you would like with the money available, but it really is a matter of expectation management. A 2-3 bedroom house used to be a second or third home, not a first, I'm afraid. My son and his girlfriend have just bought a ground floor flat in south London. They have lived in flats since the age of 18 as students and they would have loved to buy a house with 2 or more bedrooms, but they had to do with a flat as that's all they can afford.


    Back in the day, a first home would be a bedsit or one-bedroom flat in a pretty grotty area. Then it might be a bigger flat or terraced 2 up 2 down, then a semi detached if you were lucky. It takes time to work up to a bigger property.


    MumOf2
    MumOf4
    Quit Date: 20th November 2009, 7pm

    • VCUK
    • By VCUK 18th Oct 16, 3:14 PM
    • 7 Posts
    • 0 Thanks
    VCUK
    • #7
    • 18th Oct 16, 3:14 PM
    • #7
    • 18th Oct 16, 3:14 PM
    is it possible for 2 friends to join and both first time buyers combine to buy but then sign over their "Share" ?

    Basically if i combined with a friend of mine and both our salaries allowed me to buy a home , the monthly payments would come from my account (Which i can meet and ensure get paid) but then my friend would sing over his share (Willingly) so i retain 100% ownership , is this allowed / possible ?

    the idea would to be that at a later stage i would help that same friend and do the same but i think we may encounter issues as neither of us would classify as first time buyers anymore (Not that i think it helps much ) and i would own a property .

    is this possible / legal ?

    in terms of credit score i'm in the 950s + so should pass any credit checks
    • ringo_24601
    • By ringo_24601 18th Oct 16, 3:23 PM
    • 16,088 Posts
    • 25,600 Thanks
    ringo_24601
    • #8
    • 18th Oct 16, 3:23 PM
    • #8
    • 18th Oct 16, 3:23 PM
    Sounds like a terrible, terrible idea. Shared ownership + renting out a room would make more sense.

    Houses are pretty darn expensive in London. Why not look outside the M25? Where do you need to get to work?
    • ap1985
    • By ap1985 18th Oct 16, 3:24 PM
    • 256 Posts
    • 101 Thanks
    ap1985
    • #9
    • 18th Oct 16, 3:24 PM
    • #9
    • 18th Oct 16, 3:24 PM
    is it possible for 2 friends to join and both first time buyers combine to buy but then sign over their "Share" ?

    Basically if i combined with a friend of mine and both our salaries allowed me to buy a home , the monthly payments would come from my account (Which i can meet and ensure get paid) but then my friend would sing over his share (Willingly) so i retain 100% ownership , is this allowed / possible ?

    the idea would to be that at a later stage i would help that same friend and do the same but i think we may encounter issues as neither of us would classify as first time buyers anymore (Not that i think it helps much ) and i would own a property .

    is this possible / legal ?

    in terms of credit score i'm in the 950s + so should pass any credit checks
    Originally posted by VCUK

    I personally wouldn't mix business/finances with friends or family..I personally think its a sticky ground...if you can wait and build up your deposit I would advice that. Are you in a rush to move?
    Finally going to be a homeowner
    • Bluebirdman of Alcathays
    • By Bluebirdman of Alcathays 18th Oct 16, 3:24 PM
    • 2,679 Posts
    • 2,943 Thanks
    Bluebirdman of Alcathays
    is it possible for 2 friends to join and both first time buyers combine to buy but then sign over their "Share" ?

    Basically if i combined with a friend of mine and both our salaries allowed me to buy a home , the monthly payments would come from my account (Which i can meet and ensure get paid) but then my friend would sing over his share (Willingly) so i retain 100% ownership , is this allowed / possible ?

    the idea would to be that at a later stage i would help that same friend and do the same but i think we may encounter issues as neither of us would classify as first time buyers anymore (Not that i think it helps much ) and i would own a property .

    is this possible / legal ?

    in terms of credit score i'm in the 950s + so should pass any credit checks
    Originally posted by VCUK
    As previously advised in posts 4 and 5, the credit score is unimportant. And no, your idea is not legal - it is mortgage fraud.
    • HouseBuyer77
    • By HouseBuyer77 18th Oct 16, 3:28 PM
    • 755 Posts
    • 713 Thanks
    HouseBuyer77
    You can certainly buy with a friend and put in a combined mortgage application to borrow a larger sum based on both incomes.

    However once bought your friend can't simply sign over their share. The mortgage company will need to agree that you can take on the whole mortgage (really you'll just be taking out a new mortgage to pay off the old one) and you'll hit the same problem.

    You could privately agree you will pay the mortgage entirely yourself but your friend will still be liable for the mortgage, have a claim on part of the property and will find their ability to apply for future credit restricted because they already have a mortgage (e.g. doubtful they could get another residential mortgage for a property of their own).

    Sharing the purchase with a friend carries other issues as well. What happens if you don't want to live together any more or fall out?

    As above you basically cannot afford the property you want. Either lower your requirements, look at different locations or increase your income.
    • Candyapple
    • By Candyapple 18th Oct 16, 3:31 PM
    • 1,475 Posts
    • 1,173 Thanks
    Candyapple
    Unfortunately you'll have to do like most other people have done, and either move to an area which is cheaper and put your roots down there, or if you are intent on wanting to stay in the M25 area you need to find a better paying job and save more. And/or hope to meet a partner who has no debts/similar situation to yourself with a well paid job and money saved up and look to buy together in the future.

    Why not buy a flat and live in it a few years and move out later into the house you so desperately want when you've built up some equity? Because it doesn't look like it's going to happen anytime soon for you.
    • VCUK
    • By VCUK 18th Oct 16, 3:31 PM
    • 7 Posts
    • 0 Thanks
    VCUK
    i currently live in south london , work in hammersmith ,West london, roughly a 1 hr commute via underground , i can drive but parking a nightmare and traffic wardens always seem to flock to my car like flys to s---.

    not in a rush to move , just looking for ideas and solutions , its annoying because ive worked out the rough , estimated cost a mortgage could cost per month and i can easily meet that even have left over to cover bills and any unexpected issues , but the problem is the mortgage amount that im offered , dosent help in any way shape or form.

    its so much easier to buy properties abroad , uk Prices you could have a 2/3 bed house in tenerife , spain , france for half of that ... mental ..
    • ap1985
    • By ap1985 18th Oct 16, 3:35 PM
    • 256 Posts
    • 101 Thanks
    ap1985
    i currently live in south london , work in hammersmith ,West london, roughly a 1 hr commute via underground , i can drive but parking a nightmare and traffic wardens always seem to flock to my car like flys to s---.

    not in a rush to move , just looking for ideas and solutions , its annoying because ive worked out the rough , estimated cost a mortgage could cost per month and i can easily meet that even have left over to cover bills and any unexpected issues , but the problem is the mortgage amount that im offered , dosent help in any way shape or form.

    its so much easier to buy properties abroad , uk Prices you could have a 2/3 bed house in tenerife , spain , france for half of that ... mental ..
    Originally posted by VCUK
    I know unfortunately that is life!
    How about Watford or somewhere? Still easily commutable into London or even Luton...
    Finally going to be a homeowner
    • nubbins
    • By nubbins 18th Oct 16, 3:36 PM
    • 632 Posts
    • 852 Thanks
    nubbins
    So you want a 2-3 bedroom property for 171k in one of the most expensive cities on the planet? I had to spend 100k more than that to get a 2-3 bed in Bristol. I think you need to manage your own expectations.
    Originally posted by Bluebirdman of Alcathays
    Hold your horses, if the OP holds on for a few years they should come down 50-80%, well according to Crashy they should
    • VCUK
    • By VCUK 18th Oct 16, 3:38 PM
    • 7 Posts
    • 0 Thanks
    VCUK
    Unfortunately you'll have to do like most other people have done, and either move to an area which is cheaper and put your roots down there, or if you are intent on wanting to stay in the M25 area you need to find a better paying job and save more. And/or hope to meet a partner who has no debts/similar situation to yourself with a well paid job and money saved up and look to buy together in the future.

    Why not buy a flat and live in it a few years and move out later into the house you so desperately want when you've built up some equity? Because it doesn't look like it's going to happen anytime soon for you.
    Originally posted by Candyapple

    the only worry with this is if i were to buy it and build it up / upgrade a few bits etc , and a few years later i somehow struggle to sell the flat , for whatever reason , ive heard of first time buyers stuck with their shared ownership flats because they were bought at a inflated price and then when it came to sell they couldnt get even what they initially paid ... i dont want to be in that boat or could this only apply to shared ownerships ?
    • ringo_24601
    • By ringo_24601 18th Oct 16, 3:40 PM
    • 16,088 Posts
    • 25,600 Thanks
    ringo_24601
    I know unfortunately that is life!
    How about Watford or somewhere? Still easily commutable into London or even Luton...
    Originally posted by ap1985
    Watford isn't that cheap anymore. 2/3 bed houses start at around £300k.

    Honestly, the OPs budget is unrealistic for a house in London. A single person, on a moderate salary (36k is nothing special in the SE) is going to really struggle to find a 'house'. Sorry.

    There are plenty of properties in the UK within your budget but they just aren't in the London region.
    • nubbins
    • By nubbins 18th Oct 16, 3:41 PM
    • 632 Posts
    • 852 Thanks
    nubbins
    Try this http://www.commutefrom.com/

    Enter To = "Hammersmith" and your maximum journey time and you will get alternative areas to live
    • ap1985
    • By ap1985 18th Oct 16, 3:44 PM
    • 256 Posts
    • 101 Thanks
    ap1985
    Houses are cheap in Midlands

    1 hr 15 on the train and your in central london!
    Finally going to be a homeowner
    • ap1985
    • By ap1985 18th Oct 16, 3:45 PM
    • 256 Posts
    • 101 Thanks
    ap1985
    Watford isn't that cheap anymore. 2/3 bed houses start at around £300k.

    Honestly, the OPs budget is unrealistic for a house in London. A single person, on a moderate salary (36k is nothing special in the SE) is going to really struggle to find a 'house'. Sorry.

    There are plenty of properties in the UK within your budget but they just aren't in the London region.
    Originally posted by ringo_24601

    Wow even Watford is up and coming! Best to move out of London altogether I say
    Finally going to be a homeowner
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