In budget..at last.

lostinrates

Well, DH and I are back from property viewings again today. We did see, at last, a property that on paper fills our needs, is not in a comprimised location....and is in budget. Although adaptations would have to me made we could make the purchase with a > 60% deposit and a > than 2 times mulitple. But typically, there were some reasons why its not ideal.

Its worth pointing out that six months ago I would have jumped faster than a flatracer out of stalls at this chance.

The current 'dream' house we have a 13% deposit for, at a so big I don't dare type it mulitple BUT would also lend itself to a business oppertunity for me AND DH and I could actually live together. We'd never need to move from this one. Its already had a reduction and in the current market is IMO very fairly priced: if I thought this one had 20% offer margin in it I'd be there, not at home typing on this wasp nest of a forum. I've not been to see it because, as it stands, it remains outside budget, and indeed, any sensible budget. If I'm of recent time sometimes bearish about property I'm somewhat confident in our mortgageability and even I have to admit I'd feel a little embarrassed about my attempts to justify this kind of loan...meaning, grudingly, this is not worth viewing and wasting vendors time with the hope of a staggaring mortgage and/or a cheeky offer.

I'm very confused. Property A, in budget, would have seemed good, if not dreamy, and still does, but just because we can afford doesn't mean we should buy it, I suppose.

But at the back of my mind the little warning light, fired here, of savings errosion is burning away.......

webtalk

lostinrates wrote: »

not at home typing on this wasp nest of a forum

Nice - very nice.

You insult folks then ask for advice - or are you just dumping your dilemma?

Don't over-stretch and risk going into debt because I, for one, will not be sympathetic. Given circumstances and lack of employment opportunities you need to think very carefully.

You clearly know what the right thing to do is. You don't seem to want to listen to the inner voice.

lostinrates

webtalk wrote: »

Nice - very nice.

You insult folks then ask for advice - or are you just dumping your dilemma?

Don't over-stretch and risk going into debt because I, for one, will not be sympathetic. Given circumstances and lack of employment opportunities you need to think very carefully.

You clearly know what the right thing to do is. You don't seem to want to listen to the inner voice.

I guess I'm just dumping my dilemma: ultimately I doubt banks will allow us to overstretch by much, and I would have no sysmpthy for us ourselves, let alone ask for it from others if we had ended up in trouble from overstretching. I feel, generally, I'm one of the lucky ones, with a decent household income as secure as the average, and a big deposit.

FWIW: I rarely insult people directly and I'm a regular here. I think most other regulars on both extremes of the very many heated discussions here would accept that, and yet also include me as part of the wasp's nest!

ad9898_3

It's a big decision, you sound like you have doubts, in that case the answer is straight forward, don't do it.

lynzpower

LIR, I know how long youve been waiting but a massive multiple and dare I say "only" 13% deposit... well you know what Im going to say.

I know how much you want this- but will the weight of the lending weigh down on you? I suspect it might? If this has only just come in budget, then why not wait a bit- might it hang around for a while?

SamIAm_3-2

lostinrates wrote: »

I guess I'm just dumping my dilemma: ultimately I doubt banks will allow us to overstretch by much, and I would have no sysmpthy for us ourselves, let alone ask for it from others if we had ended up in trouble from overstretching. I feel, generally, I'm one of the lucky ones, with a decent household income as secure as the average, and a big deposit.

FWIW: I rarely insult people directly and I'm a regular here. I think most other regulars on both extremes of the very many heated discussions here would accept that, and yet also include me as part of the wasp's nest!

Do you think that the dream property will come down in price further to the extent that it wouldn't be an over-stretch but merely a stretch?


The wasp nest comment I am sure would not be taken as an insult by most people on here. I know what you mean - I feel a certain inevitability about being flamed the more I post !

vivatifosi

Hi webtalk

LIR is a regular here and what she said didn't strike me as offensive, she just said it like it is. Some times it can be a bit like a wasps nest round here, other times its fun and informative. Part of both the fun and the frustration is that you don't know what you are going to get on any given day.

lostinrates

ad9898 wrote: »

It's a big decision, you sound like you have doubts, in that case the answer is straight forward, don't do it.

This might well be the decision, whether I like it or not, you are right.

LIR, I know how long youve been waiting but a massive multiple and dare I say "only" 13% deposit... well you know what Im going to say.

I know how much you want this- but will the weight of the lending weigh down on you? I suspect it might? If this has only just come in budget, then why not wait a bit- might it hang around for a while?

Lynzpower, Yep, its only a 13% deposit, and while it would get me working...new business startup right now...I think even I want more financial security than that.

The lending amount..worryingly...is not the actual mental hurdle (but it probably would be the bank manager's!) but the lending amount in THIS climate.

Do you think that the dream property will come down in price further to the extent that it wouldn't be an over-stretch but merely a stretch?


The wasp nest comment I am sure would not be taken as an insult by most people on here. I know what you mean - I feel a certain inevitability about being flamed the more I post !

Thanks SamIam,
The property has had a heavy reduction. (it was 40% more expensive than currently is, on market for ninemonths and only just price reduced) Certainly in keeping with headline % amounts. If it were mine and not a forced sale I would not reduce it further that's not something I say lightly, but I think this really is well priced

LIR is a regular here and what she said didn't strike me as offensive, she just said it like it is. Some times it can be a bit like a wasps nest round here, other times its fun and informative. Part of both the fun and the frustration is that you don't know what you are going to get on any given day.

Salve Viva. Yep.....I'm so much of a regular I should have a yellow/black striped jersey I think most people accept me if not all like me here.

ETA: just a nota bene: I totally concur with webtalks POV on rudeness....again, those regulars who know me will remember that I used to campaign against nastiness, but got worn down. I hope I'm not actually getting rude and nasty in my posts, and I fully support anyone prepared to make a stand against the less great aspects of this forum, so I think webtalk should get three cheers, though I appreciate the support peeps!

SamIAm_3-2

lostinrates vbmenu_register("postmenu_19521547", true);
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You've hit the 3000 mark! Congratulations (err...I think )!

lostinrates

SamIAm wrote: »

lostinrates vbmenu_register("postmenu_19521547", true);
Fantastically Fervent MoneySaving Super Fan


Join Date: Sep 2007
Post Count: 3,001


You've hit the 3000 mark! Congratulations (err...I think )!

. Not my proudest moment. I miss NDG for many things, but in her absense my decreasing thanks to post number ratio makes all those posts look less worthwhile now:o

SamIAm_3-2

lostinrates wrote: »

This might well be the decision, whether I like it or not, you are right.



Lynzpower, Yep, its only a 13% deposit, and while it would get me working...new business startup right now...I think even I want more financial security than that.

The lending amount..worryingly...is not the actual mental hurdle (but it probably would be the bank manager's!) but the lending amount in THIS climate.



Thanks SamIam,
The property has had a heavy reduction. (it was 40% more expensive than currently is, on market for ninemonths and only just price reduced) Certainly in keeping with headline % amounts. If it were mine and not a forced sale I would not reduce it further that's not something I say lightly, but I think this really is well priced


Salve Viva. Yep.....I'm so much of a regular I should have a yellow/black striped jersey I think most people accept me if not all like me here.

Hmmm...this is a difficult one. A real head or heart decision.


My own experience, which is the only thing I feel I can offer that is of value, is that
stretching to buy a property is not something I would recommend. It's a position I find myself in now and whilst it is by no means catastrophic, it is causing a lot of stress for us both.


I'll be following this thread with interest adding my 2 cents whether you want it or not