FTB Advice

inamess200

Hi

I was wondering if anyone had any thoughts on my situation - its melting my head the more i think about it - so any comments would be good.

I am a FTB - currently rent privately with hubbie and 3 children ( small house we are outgrowing quickly but reasonable rent). in past credit been bad due to several disasters in our life which is a story for another time but never had a mortgage and have DMP with payplan for rest. Have been offered a deposit of £15000 from a source but cannot be used for debt repayment. Recently we approached a FA about my choice home buy and getting a mortgage long shot is scheme run out of money but I now have a mortgage in principle for 130,000 but interest rate v. bad due to credit history. repayments would be manageable but tight hence I think we need to look at around 110,000 or 115,000

local 3 bed victorian semi ( 2007 on market for 215000 down to 180000 may 08 now been repo'd no price as yet!! needs alot of work as previous owner built an extension but never finished the inside so ceilings missing 2nd bathroom half finished however hubbie quite handy so we could do work ourselves slowly) we really like this how much of a chance do you think we would have if we offered 125000 for 4 week completion?? ( don;t want to loose over a grand on stamp duty.)

Or do we save and sit tight and hope interest rates don't keep rising as we will never get a high street mortage until we have some good credit history of repayments. Anyway even if we save a few more thousand and prices drop if rates increase a smaller mortage will still cost us the same. We are looking for a house that we can call a family home for the longterm.

I must admit i never thought we would ever be in this position with any kind of offer due to past history but don;t want to jump in and regret it - we've waited a long time to do this ( 14 year married this year)

moanymoany

Basically, you must do your own research and make your own decisions.

Here are some observations.

1. Repairs cost money. Getting the house is just the beginning of the expense.

2. If it all hits the fan your rent will be paid.

3. It looks as if it is going to hit the fan.

ultra10

dont buy !!... Simple ..

pamaris

How will you be able to afford to do all the repairs on that house? Just sit tight. Your day will come if you're patient & disciplined. Alternatively, take the 15k and take your sweet time looking for a house, as they'll just get cheaper.

lostinrates

inamess200 wrote: »

. Have been offered a deposit of £15000 from a source but cannot be used for debt repayment.

But can it be used as savings and investments? It might be better to let this build and concentrate on payig off your debts (especally if interests rates go up).