Another FTB advice

hitman_uk

I was wondering if anyone could give me some advice on buying my first house. My partner and I currently live in council property. We both work full time and our approx earings are aprox 36k. I am the main wage earner and our salary will rise within the next 12-18 months. However when trying to find a mortgage the banks will only offer us between 85-100k. We have seen houses for 110-115 and can afford the repayments but there you go. The decision we have to make though is this we have had this house valued at 100k and have been offeded a 30k discount so we can have it for 70k. It is in a nice location and all the houses are bought on our street. It has a large living room 18sq mt and 2 master bedrooms and at least the same size loft as the living room if not bigger. It has a large backgarden which can easily fit a conservatory with space to spare. The thing that im woried is if its worth borrowing approx 90k and doing it up or carry on renting and hope prices fall.....massively.

On another note we went viewing a "4 bedroom 5 year old modern house" for 115k. It was tiny. The kitchen was next to the front door and standing in he middle I could touch all the walls and the living room wasn't very spacious. There were originallly three beds 2 masters and one box and one of the masters had been cut in half to make two box rooms. I thougt it was very small for the money

Bossyboots

You have to work out what is most important to you. These days, I would have thought getting on the property ladder to be the prime issue here. You could carry on renting and then see things pick up and prices rise. You would then have taken a step backward. Even if prices fall, you will be locked into your current house for five years anyway unless you want to move and pay the discount back and the market could do anything in that time. It seems a bit daft to miss out on getting onto the property ladder in a house you like that is more spacious than anything else you would get for the price that is ready to live in.

hitman_uk

yeah thanks for the advice..its just a big step as it is for every FTB and we just want to get it right. It is looking like we will buy and add on

Bossyboots

hitman_uk wrote:

yeah thanks for the advice..its just a big step as it is for every FTB and we just want to get it right. It is looking like we will buy and add on

It is scary taking that first step. If you are okay with staying where you are for another five years then it would seem sensible to buy and improve. This will give you something to sell and hopefully propel you up the ladder when you do want or need to move on.

Good luck for your future.

Robert_Sterling_3

If you can buy a house worth £100,000 for £70,000 what is the case for NOT buying it immediately?