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  • FIRST POST
    • Chloe L
    • By Chloe L 14th May 17, 3:14 PM
    • 13Posts
    • 3Thanks
    Chloe L
    Budgeting for buying a new home as FTB
    • #1
    • 14th May 17, 3:14 PM
    Budgeting for buying a new home as FTB 14th May 17 at 3:14 PM
    Hello everyone,

    I am looking to put an offer in for a property next week, and I have had my mortgage approved subject to a satisfactory valuation being carried out on the property. The purchase price I am aiming for is £125,000, and the loan amount is £118,750. The property is in Glasgow. The interest rate is 1.99% (1.74% above base) with repayments of around £360 on a 40 year mortgage term.

    I am 28 years old, currently in full time employment on a basic salary of £24,000, with a net monthly income of around £1580 after all deductions. I am looking to buy on my own and would rather not have anyone else named on the mortgage or on the deeds.

    The problem I am having is just getting my head around whether I can actually afford everything. I do not own anything, so I will have to purchase literally everything for the house.

    I currently have around £25,000 in savings. From this, I will be using £6,250 as a deposit. I am budgeting around £2,000 for a reputable solicitor. The mortgage deal I am getting has no arrangement or valuation fees. I will keep around £1,750 aside also in case any other unexpected things arise through the way. This will leave me around £15,000.

    The mortgage deal I am getting has an offset facility, so I will be taking advantage of this with any spare funds.

    However I have never bought a property before, and I literally have never bought a tin of paint or an item of furniture in my life. The flat I am looking to buy is spacious and I will need to buy everything, from TV's to couches to carpets and fridges to other general furnishings, and I am conscious that things can quickly add up cost wise.

    So my question is, is anyone able to give me a rough estimate of how much it actually costs to furnish a whole property? Am I over stretching myself with the budget I have?

    Also I have heard scare stories of people who buy flats who get hit with unexpected bills through maintenance of the building. Is this something that a solicitor will highlight before I buy it? And finally, I have also been told that in Scotland we do not have any freehold or leasehold properties, and everything is feudal, I am just wondering how this works in the context of a flat?

    Sorry for the long post,

    Thanks.
Page 2
    • Chloe L
    • By Chloe L 18th Jun 17, 2:00 PM
    • 13 Posts
    • 3 Thanks
    Chloe L
    Good afternoon everyone,

    I am still in the process of going the mortgage application, so I am keeping an eye on everything credit / expenditure related at the moment,

    I logged into the MSE credit report today for this months update, and I have noticed a Lloyds Credit Card appearing which I paid off in 2013.

    It says that £203 is still outstanding, and was last updated on 10/02/2013, and that the account is fully up to date. Back in 2013, I paid off this account in full, and I vividly remember the balance showing as zero, and the account then dropping off my internet banking screen after a year or so.

    Does anyone know why all of a sudden the account would re-appear, and worryingly as though I still owe them £203?

    Hope this made sense,

    Thanks.

    gyazo.c om/9703f999dc38efca1dd296d5f5039eac

    This is a link to a screenshot showing what I mean.
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