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

Manicgirl

Hi Pete,

I've just trawled my way through all the comments here and I wanted to give you my view. I do agree with you that the more scaremongering there is and Daily Mail articles shouting about losing millions in the price slump, the more the market slows and the problem gets worse.

But you have to be in a strong position to take on a house when you have been sharing with someone else. My hubby and I are in our 20's and have just bought a new house (moving in next month). A lot of people would have said we were mad, but we did it because (a) it needed work doing so we knew we could add some value (b) we had a good deposit and (c) it's a house we plan to stay in for 20+ years. There's room to extend and space to grow in.

New builds just don't offer this. They are all nice and shiny with appliances and luxury carpets, but they lose value really quickly. As soon as they aren't 'new builds' and the carpet isn't as shiny, they lose more value than your average house. Ours is a 1930's house that needed modernising.

My advice is to wait until you graduate and have been offered a job. Like someone said previously, your dream job might be miles away and you don't want to tie yourself down. I wouldn't advise anyone to buy if they weren't intending to stay in it for a long time.

Hope that's helpful!

pete96

i've not really got the time to be tabulating our whole financial details, incomings/outgoing etc, but put it this way when everything is accounted for outgoing wise we should regularly be able to overpay £100-200 a month. The reason why some of you think it dont add up.... well you dont know me at all, so you aint got a clue what i've been spending in the past, so dont pass gudgement its very rude

Kez100

It's not rude. It's an attempt to be helpful.

No, I don't know what you have been spending in the past but, do you know what, I know how expensive it was to run my first home before qualifying (and yes, I have an occupation just as good as yours) and I know how vunerable housing and living costs are to increase at the moment because, guess what, I've been there and got the T Shirt.

pete96

Kez100 wrote: »

It's not rude. It's an attempt to be helpful.

... then ask rather then assume?

fatpig_2

You seem like a right nasty piece of work. I don't know why anyone is wasting their time giving you advice you ungrateful sod..

pete96

I you actually read the thread you will realise how greatful i actually am

mrs_deadline

Here is a question then: if you really can afford to overpay, why are you not taking on a 20-year mortgage rather than that horrendous 35-year term? It would save you a fortune in interest if you committed to the shorter repayment period.

Kez100

pete96 wrote: »

... then ask rather then assume?

I'm concerned the monthly numbers just don't add up (basically due to how low your savings are Pete). Can you detail your estimated statement of monthly income and expenses when you are in your new home (for the months before you qualify)?

I did ask. I just gave you my underlying reasons for asking. I did not assume you couldn't afford it - I asked for your calculations so we could check to see if there were any errors or omissions.

pete96

contigency? i may need that £200 one month, car service for example?

pete96

Kez100 wrote: »

I did ask. I just gave you my underlying reasons for asking. I did not assume you couldn't afford it - I asked for your calculations so we could check to see if there were any errors or omissions.

i'm sorry, some people have assumed though, and as im reading posts im not reading whos posting them all the time. I know someone had asked (yourself) as in a previous post a said i dont have time to give you the detail (at work).

So sorry if i aimed that comment towards you... it was to whoever assumed some posts back