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  • FIRST POST
    • 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 2
    • lewishardwick
    • By lewishardwick 18th Oct 16, 3:46 PM
    • 355 Posts
    • 347 Thanks
    lewishardwick
    I'm paying £193k in Zone 6 with few local amenities.

    There are areas you can find a place in that price range for, but it'll be 1-bed and not much room to stretch in.
    • Bluebirdman of Alcathays
    • By Bluebirdman of Alcathays 18th Oct 16, 3:47 PM
    • 2,713 Posts
    • 3,000 Thanks
    Bluebirdman of Alcathays
    Swindon - can easily get a 3 bed for £170k. Paddington in 1hr - that's by Hammersmith right?
    • VCUK
    • By VCUK 18th Oct 16, 3:49 PM
    • 7 Posts
    • 0 Thanks
    VCUK
    Houses are cheap in Midlands

    1 hr 15 on the train and your in central london!
    Originally posted by ap1985

    Thank you
    • VCUK
    • By VCUK 18th Oct 16, 3:51 PM
    • 7 Posts
    • 0 Thanks
    VCUK
    Swindon - can easily get a 3 bed for £170k. Paddington in 1hr - that's by Hammersmith right?
    Originally posted by Bluebirdman of Alcathays

    yes , from paddington i can get to hammersmith. i was using M25 as a rough guide but slightly outside is fine.


    Thanks ill have a look at Swindon
    • ap1985
    • By ap1985 18th Oct 16, 3:52 PM
    • 265 Posts
    • 106 Thanks
    ap1985
    http://www.zoopla.co.uk/for-sale/details/30861742?search_identifier=f8ac4462bd280d6c979714b 498139b2e#luL6jJBKsMFpBFwh.97

    Aylesbury is commutable from Hammersmith..although it is a 1 bedroom but with your budget you may have to start off small!
    Finally going to be a homeowner
    • Candyapple
    • By Candyapple 18th Oct 16, 3:57 PM
    • 1,479 Posts
    • 1,174 Thanks
    Candyapple
    Swindon - can easily get a 3 bed for £170k. Paddington in 1hr - that's by Hammersmith right?
    Originally posted by Bluebirdman of Alcathays

    Don't forget, the monthly train ticket from Swindon to Paddington would be £800 and the monthly tube cost between Paddington and Hammersmith would be £100 so £900 total in travel costs just getting to work (assuming there would also be petrol and car park costs to drive to Swindon station in the morning and back again as well on top to be taken into consideration).

    From a salary of £36k, roughly £2.3k per month, that means OP would be left with £1400 per month to pay the mortgage, bills, food, and try to live on.
    • ringo_24601
    • By ringo_24601 18th Oct 16, 3:59 PM
    • 16,123 Posts
    • 25,680 Thanks
    ringo_24601
    Wow even Watford is up and coming! Best to move out of London altogether I say
    Originally posted by ap1985
    There are a good few top-end secondary schools in Watford - it really can warp the house prices. The area isn't rubbish, even if a few bits (e.g. North Watford) might be.

    HPI stretches well up to the edges, and past, the M25 zone.

    The OP should be looking at run down places in Newham/Ilford at his price range, and be looking to do them up

    There is a nice new estate of new-builds in Aylesbury, they've even got their own train station - https://www.taylorwimpey.co.uk/find-your-home/england/buckinghamshire/aylesbury/new-berry-vale
    Last edited by ringo_24601; 18-10-2016 at 4:06 PM.
    • AndyBSG
    • By AndyBSG 18th Oct 16, 4:03 PM
    • 818 Posts
    • 1,005 Thanks
    AndyBSG
    As advised on here, at 27 with a 36K salary you cannot expect to purchase a 2-3 bedroom house in the London region.

    You really need to lower your expectations to a 1 or 2 bedroom flat and look at areas outside the M25.

    As long as you are near a mainline station you could realistically consider somewhere as far as 50 miles away which will give you much better options if you're willing to relocate(just don't forget to factor commuting costs in)
    Last edited by AndyBSG; 18-10-2016 at 4:10 PM.
    • AdrianC
    • By AdrianC 18th Oct 16, 6:25 PM
    • 12,139 Posts
    • 10,514 Thanks
    AdrianC
    My First AIP was for 171k with Halifax, but now i cant find anything .
    Originally posted by VCUK
    You can't find a property, or you can't find another lender to match that?

    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 +
    £170k is not going to go very far within the M25...

    A very, VERY quick look at RM finds...
    http://www.rightmove.co.uk/property-for-sale/property-62484683.html
    ...and, as you say, auctions/boats/shared ownership.

    Well, it IS London. Except that isn't. It's Chatham. Still, some of the others that came back were in Glasgow or Liverpool...

    But that was just searching on "London". Not all of the inside of the M25 is "London". Not all of the outside of the M25 is "here be dragons". Not all of the inside has good transport links, either.

    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)
    You can't extrapolate "shared ownership = bad building, 100% ownership = good building". It's nowhere NEAR that simple... The only difference between shared and 100% is that somebody else owns part of a shared property, and you pay them rent on that portion.

    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
    Frankly, we'd all like a lot of things we can't afford...

    Am i barking up the wrong tree and looking in the wrong places or what do i have to do ?
    <mode=Kirsty and Phil>
    Something's going to have to give... What you want, where you want, within your price range. Pick two, because all three is not an option.
    Last edited by AdrianC; 19-10-2016 at 9:44 AM.
    • AnotherJoe
    • By AnotherJoe 19th Oct 16, 12:01 AM
    • 4,207 Posts
    • 4,221 Thanks
    AnotherJoe
    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---.

    Might that be due to you parking where it's not allowed?

    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
    LOL. So what are jobs like in your area (or any area) in Tenerife ?
    Did you know unemployment in Spain for under 25's is around 40% ?
    So, that's why houses there are cheaper, you can bet people therevstruggle just the same way, though they probably don't have the sense of entitlement you do over where to live and park.
    • AdrianC
    • By AdrianC 19th Oct 16, 7:43 AM
    • 12,139 Posts
    • 10,514 Thanks
    AdrianC
    While it's certainly true that jobs and house prices tend to go together, there are cities in the UK where nice two-bed properties in good areas of the city are £100k or so.
    • Mortgage Moog
    • By Mortgage Moog 19th Oct 16, 8:09 AM
    • 144 Posts
    • 31 Thanks
    Mortgage Moog
    I recently bought my first place and you just have to buy what you can afford. It's unrealistic to expect a 2 or 3 bedroom home for your first property, when I went for my mortgage interview the man I saw said that when people start asking for things like that they start worrying.

    Why not just start off with a flat? Why do you need 2 or 3 bedrooms? I bought a one bed place and after saving for a year or more I'll be moving out and getting something similar in an area that's closer to where I work. A few years after that I'll probably sell that place and buy my final home.

    I'll tell you now that you won't get £171k anyway on your income. Online calculators will give you a high figure, brokers will tell you the same, the AIP will tell you the same, even at the interview they'll give you that figure. A few days later you'll have a call/email with the real figure and it'll be far, far less. It's down to the underwriters to decide how much they lend you. You'll probably be offered about 130k maximum on your income and that's if everything is A1. I had a perfect credit score, no debt, everything singing and dancing having been in the same job for over 10 years and they offered me 3.5 times my income.

    Did you know that the average age of a first time buyer is 37? You're very young to be buying, I'm not that much older and under the average but don't feel bad if you can't buy yet because if you do you're 10 years ahead of the average. I hope it goes well for you.
    Last edited by Mortgage Moog; 19-10-2016 at 8:27 AM.
    • luis1988
    • By luis1988 19th Oct 16, 8:38 AM
    • 43 Posts
    • 20 Thanks
    luis1988
    My girlfriend and I have just moved near Abingdon which is between Newbury and Oxford. It's got great car links and I am currently sitting on a train from Didcot to Paddington that takes less than 45 minutes.

    We paid £280k for 3 bed new build on a combined salary of £50k and with half the deposit you have, albeit using H2B.

    Definitely worth looking out this way, get so much more for your money. Season ticket is around £450 a month I believe so far cheaper than Swindon and closer to London too.
    • Rain Shadow
    • By Rain Shadow 19th Oct 16, 8:41 AM
    • 1,430 Posts
    • 2,608 Thanks
    Rain Shadow

    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
    Originally posted by MumOf2

    Which day was that? I bought my first house at 22. It was a three bed semi. The day was 5 May 1980 though.
    • e13
    • By e13 19th Oct 16, 9:44 AM
    • 40 Posts
    • 26 Thanks
    e13
    I recently bought my first place and you just have to buy what you can afford. It's unrealistic to expect a 2 or 3 bedroom home for your first property, when I went for my mortgage interview the man I saw said that when people start asking for things like that they start worrying.

    Why not just start off with a flat? Why do you need 2 or 3 bedrooms? I bought a one bed place and after saving for a year or more I'll be moving out and getting something similar in an area that's closer to where I work. A few years after that I'll probably sell that place and buy my final home.

    I'll tell you now that you won't get £171k anyway on your income. Online calculators will give you a high figure, brokers will tell you the same, the AIP will tell you the same, even at the interview they'll give you that figure. A few days later you'll have a call/email with the real figure and it'll be far, far less. It's down to the underwriters to decide how much they lend you. You'll probably be offered about 130k maximum on your income and that's if everything is A1. I had a perfect credit score, no debt, everything singing and dancing having been in the same job for over 10 years and they offered me 3.5 times my income.

    Did you know that the average age of a first time buyer is 37? You're very young to be buying, I'm not that much older and under the average but don't feel bad if you can't buy yet because if you do you're 10 years ahead of the average. I hope it goes well for you.
    Originally posted by Mortgage Moog

    I'm not sure that they will only get 3.5x their income - I got offered 4.5x on a mortgage, and I bought a house slightly cheaper than that in the end, but still my mortgage is 4.25x my income.

    I'd been in my job less than a year, have student debt and an (interest-free, so just sitting in the savings account making money) loan from work. I had had a credit card for a few months but only used it once - so I don't think my credit score would fit the pattern of all singing, all dancing. Especially as I'd never even had a phone contract, or any of the other things they list to improve your score.

    I also understand why the OP wants a house and not a flat, but you're totally right - reality, rather than what we want, has to dictate what we do!

    I ended up not taking a job in London, and taking one paying significantly less elsewhere - because despite the 20% cut in my income, I was going to have more money spare and it meant I was able to buy a house within a year. (Having kept my belt exceedingly tight for that year!)

    (And I also question everyone saying that your first house has to be eg a one bed flat. I've bought a two bed end of terrace - but not in London!!)
    • Ruby789
    • By Ruby789 19th Oct 16, 10:03 AM
    • 307 Posts
    • 513 Thanks
    Ruby789
    I know where you're coming from OP. You want to put down roots in a place you won't rapidly outgrow. It's a massive and scary purchase and you expect to be 100% happy. But the reality is that you have to compromise. I was born and raised in London, it's where I want to stay, so I must pay the premium for a cupboard to call home.

    I am older than you, similar financials, and I am in the process of buying a one bed flat. It's small, but its what I can afford. It isn't what I want long term, but it meets enough of the criteria for the short to medium term that it's the right move for me.

    Instead of thinking about what you can't have, think instead of what you can. What I did was to go and see anything and everything within my budget across 12 different areas. Pretty much a flat a night. After a few weeks I had a better grasp of what my budget could actually get me, what I needed (vs what I wanted), and what really wouldn't work for me.

    And in the end I saw this little flat, which was the most suitable of the 27 I saw. And now I am excited about making it my home.
    Debt free (finally) and saving a deposit for my first home.
    • Planet Switzerland
    • By Planet Switzerland 19th Oct 16, 8:38 PM
    • 57 Posts
    • 35 Thanks
    Planet Switzerland
    I earn more money than you, have a much bigger deposit than you and have a wife who also works full time. We are on the verge of buying our first property, which is a one bed flat in zone 4.


    That's the reality of prices in London. I too would like to move from a flat to a house asap, but the only way of doing that in London is getting onto the property ladder with a one bed flat first.
    • mije1983
    • By mije1983 19th Oct 16, 10:24 PM
    • 2,158 Posts
    • 17,576 Thanks
    mije1983
    I'll tell you now that you won't get £171k anyway on your income. Online calculators will give you a high figure, brokers will tell you the same, the AIP will tell you the same, even at the interview they'll give you that figure. A few days later you'll have a call/email with the real figure and it'll be far, far less. It's down to the underwriters to decide how much they lend you. You'll probably be offered about 130k maximum on your income and that's if everything is A1. I had a perfect credit score, no debt, everything singing and dancing having been in the same job for over 10 years and they offered me 3.5 times my income.
    Originally posted by Mortgage Moog

    That's a bit of a sweeping statement! My broker got me exactly what he said he would (actually it was slightly more in the end) and that was for 4.5x income. So it's perfectly possible the OP can as well.

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