FTB, making an offer on new build tomorrow - advice needed please!

misskool

How long has it taken you to save your £1000 for the house buy?

It's sound advice to have about 3 months buffer of essential expenses if anything untoward happens. Or are you expecting an angel to bail you out?

As for not needing to move, people have to move all the time. What if you or your partner has a once in a lifetime job opportunity that is not commutable from your negative equity house?

pete96

ginvzt wrote: »

Have you thought of the case when in 5 years time you can't remortgage due to negative equity, your partner becomes pregnant (maybe even twins) and can't work for some time, so you only have one salary to rely on. Also, it is a 2 bed house, so if you have children, you may feel cramped and want to move, but you can't due to negative equity!!!!

You can't just hand in the keys to the bank and leave - any shortfall in the sale price and the mortgage you will have to cover. And I find it appalling that you are even considering to run off to another country. I actually have a very low opinion of people like that. It is no resort at all!!!!!! Take responsibility for your own actions.

Thanks for your advice, ginvzt. As i have already said, if we cant remortgage in 5 years due to NE, we wont. If we then cant quite make the payments, then there are ways round it (refer to my essay post). Regarding pregnancy, obviously we will endeavour to only to be responsible adult and only bring a child into the world when THE TIME IS RIGHT. When ever that time comes, childcare costs will be covered with a free/cheap nanny... she's called the mother inlaw (who has already expressed her concerns to help out in this way)

pete96

RE our £1000 savings, its been about 4 month since the ISAs were set up

ginvzt

misskool wrote: »

It's sound advice to have about 3 months buffer of essential expenses if anything untoward happens. Or are you expecting an angel to bail you out?

I would say it would be sensible to have a buffer of 6 months salary. So, in OPs case, I would say it would be a good idea to have around £7k saved for all those emergencies. You may break your leg on the way from home tomorrow and you will have no income for a few months!

I think it has been demonstrated all the way along this thread, that OP has a strong opinion that he is right to buy a house now. Even though he has also demonstrated he has no sense of responsibility (running away to US from the debt:mad:), can't save money (even paying a very low rent as he expressed himself, only managed to save £1000, so what happens when he needs to pay mortgage which would be considerable higher?), and doesn't really want advice, as if someone is suggesting anything opposite to buying a house, he reminds them that he asked for 'constructive' advice.

BettiePage

pete96 wrote: »

lol thats what they tell you, it prevents all those in debt from doing it! either that or if they can they dont bother. i know of two people who have successfully done it with tens of £1000s of debt.

Anyway, as i said, very last resort!!

Just because they haven't been caught yet, doesn't mean they won't be.

pete96

ginvzt wrote: »

I would say it would be sensible to have a buffer of 6 months salary. So, in OPs case, I would say it would be a good idea to have around £7k saved for all those emergencies. You may break your leg on the way from home tomorrow and you will have no income for a few months!

I think it has been demonstrated all the way along this thread, that OP has a strong opinion that he is right to buy a house now. Even though he has also demonstrated he has no sense of responsibility (running away to US from the debt:mad:), can't save money (even paying a very low rent as he expressed himself, only managed to save £1000, so what happens when he needs to pay mortgage which would be considerable higher?), and doesn't really want advice, as if someone is suggesting anything opposite to buying a house, he reminds them that he asked for 'constructive' advice.

ginvzt, talk about twisting my words! So i demonstate no sense of responsibility you say? So you think the fact i've done really well for my self for the last 5 years, even though my parents, the rocks in anyone's life, emmigrated when i was 17, clearly shows how iresponsible i am? Yeh i can see your point! Yes going to the US would be iresponsible, and i'd be ashamed if i had to ever do that. I never intend nor want to do that, but can you not understand... it is a LAST RESORT!

'Only saved £1000', what do you mean by this? is 1K in 4 months poor and insignificant in your eyes?

I understand everyone's concern, but when one is optimistic, should they really get verbally battered untill breaking point, break down and admit defeat, just because a few people out there try to prevent them reaching a goal in life? Despite what you all say, we not jumping into this without thought. Things have been thought through and percieved problems we feel are not insurmountable, and i've tried to get this point across... but with clear disregard it seems!

pete96

BettiePage wrote: »

Just because they haven't been caught yet, doesn't mean they won't be.

dont believe everything you read/hear. The first person i know to have done it return within a year, and has now been living in the UK for well over 15years, and at the same time done very well for himself.

Smashing

Hey, if you want to buy a glorified lego set in the current climate then you go right ahead - no skin off our noses.

Best start budgeting in the cost of your flights when arranging your finances.

ginvzt

pete96 wrote: »

Despite what you all say, we not jumping into this without thought. Things have been thought through and percieved problems we feel are not insurmountable, and i've tried to get this point across... but with clear disregard it seems!

And here is from your previous post:

Yes it was a bit spontaneous. The plan was to wait untill next year after we had a bit more savings and i had finished uni. But after speaking to someone at work, the same sort of age using the same government loan scheme, has just bought a 2 bed flat for around £150K with a friend, and they only needed about £500 each of their own money. So i thought if he could do it then why cant i!

I have nothing else to add..

misskool

pete96 wrote: »

RE our £1000 savings, its been about 4 month since the ISAs were set up

your joint income is 37k, so approx net salary of over 2k a month and you save £250 each month.

If you can't save the money now, how do you expect to finance the rest of the items for the house? What happens if your car breaks down?