buying my first home...

craig_1983

hi to all...
im currently looking to get on the property market..im a first time buyer.my salary is £28,3000.i live in the east midlands.i have seen a house, if i hussle ill pick it up for 115,000.i have 23,000 of that saved up as a deposit.my concerns are........

. buying your first house is very nervous?
. i like the house,should i go ahead or should i wait a little?
. i have been to 3banks.after my deposit they are quoting me around £624 a month in repayments for a fixed five year mortgage, is this good?
. any guesses to when the banks will ease their lending a little more?

thanks

david29dpo

Most of your questions need a crystal ball, no one knows what will happen with the market or the banks. The mortgage market is not brilliant a the moment but only you know if you can afford that payment.

Robert_Sterling_3

It is easier for us to tell you whether the mortgage is at a good rate if you tell us what interest rate you will be paying rather than the amount.

sharpe106

I would have thought for about a £100,000 mortgage £624 is not to bad, how about trying a independant mortage advisor or you can go onto most of the big banks website and they have mortage calacultor which will give you a good estimate to what they could offer you.

As for waiting the houses will probably go down a bit more but how much can a house that is £115,000 really go down

As for when banks will ease there lendings I do not think anybody will know that not even the banks themselfs, the rates that they lend on practically change on a daily basis

craig_1983

the interest rate is at 5.29% for a fixed five year term.

sandiep

Buy the house for you, not for "investment" purposes. Make sure that you like, that you want to live there, that it will suit you for the foreseeable future.

Buy the house to live in it, and buy it to be your home, and buy what you can afford.

No-one can predict what will happen with the housing market, but those that are unhappy at the moment and those that are losing money at the moment, are those that have either bought houses as an "investment" or those that need to move/sell (although, if you are selling/moving for the right reasons, you have an upside as the you are probably getting more for your money that would previously - so it's not all bad).

Those people that bought the house that suited them, that aren't selling, aren't losing money. You only make a loss when you sell.

So my recommendation is to buy a home, not simply a house.

Good luck with it all. First homes are really exciting.

Robert_Sterling_3

sharpe106 wrote: »

IAs for waiting the houses will probably go down a bit more but how much can a house that is £115,000 really go down

Easily .....

Blacksheep1979

sharpe106 wrote: »

As for waiting the houses will probably go down a bit more but how much can a house that is £115,000 really go down

another £115,000?

poppysarah

Robert_Sterling wrote: »

Easily .....

There's one for 115k here - they were selling for 30-40k not so many years back (2003)