FTB needs advice on part buy

MORPH3US

Massive thanks to everyone who posted back here to help me!

In way of update, as things stand:

The original (PIC HERE - just the light coloured bit on the left of that block I assume!) house was a 50% share in a 3 storey town house in Stafford (3 bedroom, master ensuite, communal parking etc) and the 50% share would have cost £83,000 (or around there).

As it happens, we went into the estate agents on the Monday and it turns out that 8 people had been to view it that weekend. Someone had made an offer of the full asking price (on the 50%) that day and so it was sold!

Then the same day, we spotted a house on the same street, same house except i think this is better because it has a separate garage and it is for sale (not S/O) for £147,000 (less money for the percentage and a garage). So we are now rappidly trying to see a mortgage broker / bank to see if we can get the mortgage for it! Fingers crossed that we can so it.

Will update soon, will be first house if we do buy so very excited, but very worried and confussed about the whole buying / mortgage process.

M

mummytofour

That sounds like great news,I would always only use S/O as a very last option.

MORPH3US

Just hope we can get the mortgage now.

I think we can scrape 5% deposit but when I use the online calculators, the maximum it has ever said we could get is £127,000 based on GF earning £19k and myself earning £18k (both first jobs out of Uni).

Hopefully when we go in and see them they might be able to offer us more.

M

tomstickland

Go easy though, they're not doing you a favour by offering you more, just extending your debts for you. A repayment mortgage on £100K is aronud £550pcm, so £140K is going to be £770 pcm sort of area, which together with other expenses is going to be a good proportion of your joint income.

MORPH3US

tomstickland wrote:

Go easy though, they're not doing you a favour by offering you more, just extending your debts for you. A repayment mortgage on £100K is aronud £550pcm, so £140K is going to be £770 pcm sort of area, which together with other expenses is going to be a good proportion of your joint income.

Did a quick run down of income versus expenditure last night and this is what I came up with:

Income per month (what we actually get into our account):
2200

Outgoings (for both of us per month):
150 - saved for car associated costs (maintainance, insurance, tax and MOT)
200 - Food
80 - Council Tax
9 - Tv Licence
160 - Petrol
30 - Electricity
5 - Water
40 - Mobile Phone
194 - Loan payments

Total out: £868 per month

Potential spare cash towards mortgage = £1332

Anything I have missed out above?!?!

M

frugglewump

MORPH3US wrote:

Anything I have missed out above?!?!

Buildings/contents insurance - necessary when owning a house rather than renting
Do you have a landline?
Internet Costs?

Things that may add on at the new house:
Is the property in the same council tax band?
Does the property have gas as well as electric?

Edited to add - try Martin's budget spreadsheet from the links at the top of the forum - it's got most of the things everyone forgets to budget for in it

mercurystar999

Yes we were first time buyers. Which is why it didn't matter that it went on for a long time.