First Time Buyer Help Please :)

treliac

valleygirl1984 wrote: »

Oh and the property is a large 3 bed semi in good area, driveway, good sized garden, floored loft, conservatory extension and 2 year old fitted kitchen with range cooker included and oak flooring and carpets (v good condition) included also.

If you love the house and properties don't come up for sale very often (likely to be even less often from now on), you can afford it, would want to stay a few years and have weighed up your options, maybe allow some of your emotion and gut feelings to come into the decision making.

You don't know the exact answer to the negative equity question but you may know what your career, pay prospects and personal future plans are likely to be.

How sorry would you be and what would be the alternatives should you let it go?

valleygirl1984

The alternatives would be:

a. Continue with our rent at £450 a month
b. Move in with my parents

B really would be the last resort. A would be £200 less than what my mortgage payments would be so would save in that aspect but feel like ive rented for 6 months and it's ok for the short term but not for another 6 months.

However, if buying now was going to cause financial heartache in 5 years time id rather ride it out and be miserable with a or b for the time being.

valleygirl1984

Poppy10

My pay has risen 15% in the last year.

C x

valleygirl1984

Sorry, forgot to add to the bottom of that post. I am on the bottom rung of a 3 yr graduate development programme and my pay is expected to rise 10-15% for the next 3 years.

I understand this is not the average pay rise however, and is based on other factors. With the tightening of budgets also expecting to see my next rise fair a little closer to the minimum end of the scale.