Will I have no trouble getting mortgage?

IPP-Believer

domcastro wrote: »

I don't know when the time is right but my rent is more than the mortgage would be by about £200 per month. Rent contract runs out Feb 2009 - would like to move then. It's difficult knowing when's the best time is at the moment.

Sounds like a good plan.

You will proably need 6-8 weeks for the mortgage to go through. It can be done quicker but best to work to that type of timescale.

You need somewhere to live and as long as you can afford the mortgage house prices do not need to concern you once you have bought the property.

herbiesjp

If your rent contract runs out in February then now is the right time to start looking - if you are 100% on buying your own place.

Simply because the timescales involved could take you to around that time anyway. Searching, viewing, offers etc and then seeing how long the chain is, could all mean a long drawn out process.

dimbo61

If you want a home of your own and feel you can afford the mortgage payments and all the other bills that come with home ownership then get looking. Rightmove is a good place to start if you have an idea of the area and price you want to pay.
Ask to view any empty properties on the books of local estate agents and dont forget its a buyers market. GOOD LUCK

getmore4less

domcastro wrote: »

I don't know when the time is right but my rent is more than the mortgage would be by about £200 per month. Rent contract runs out Feb 2009 - would like to move then. It's difficult knowing when's the best time is at the moment.

When comparing rent to buying you should use the full purchase price or offset the income from the deposit in the bank.

That aside

50% deposit 3*salary, a lenders dream borrower and these numbers are only going to get better if you wait a bit or you get more for your money.

with the rental up for renewal in Feb I would start looking and get to understand the market and whats available.

I would be ready for another 6 months rental unless a screaming deal comes up or there are signs of recovery(unlikely)

SouthCoast

Install Property-Bee and watch your ideal properties drop in price.