Such a shame.......

alipops1986

Although still saving for a deposit i do Rightmove searches all the time to maintain motivation! :j

Just found a 2 bedroom terrace house, in my desired area. With brand new kitchen! For 75k. From the pictures, stuff is strewn around a bit, so i think it could be repossession although nothing is stated. The last one that came up in that area, same property pretty much, was on at 95k and soon sold.

Really disappointed though that it wouldn't be possible for me to buy as only have 10k deposit saved :mad:

Grrrrrrrrrrrrrrrrrr

hieveryone

Don't know much about house buying I admit, but I thought you only need 10% deposit? :-/

Gwhiz

hieveryone wrote: »

Don't know much about house buying I admit, but I thought you only need 10% deposit? :-/

Dream on!! In this market 25% has become the norm.

hieveryone

lol, better get my savings in order then!

mustang1

You can still buy with a 10% deposit provided you also have set aside the costs of buying (sols fees, stamp duty land tax). There are 90% mortgage deals available.

Whether or not it's a good idea to buy with only a 10% deposit is another story.

charliee_3

it will probably go for more than 75k.. they seem to do it in my area that they put reposession on at a silly price then you have to go into a bidding war almost. the few i called about that looked really cheap on righmove were already 20% above the price shown and rising...

vicstick86

I got a 85% morgage a couple of weeks ago... youre not far off that!!
Couldnt you get a little top-up?

Hectors_House

alipops1986 wrote: »

Although still saving for a deposit i do Rightmove searches all the time to maintain motivation! :j

Just found a 2 bedroom terrace house, in my desired area. With brand new kitchen! For 75k. From the pictures, stuff is strewn around a bit, so i think it could be repossession although nothing is stated. The last one that came up in that area, same property pretty much, was on at 95k and soon sold.

Really disappointed though that it wouldn't be possible for me to buy as only have 10k deposit saved :mad:

Grrrrrrrrrrrrrrrrrr

I managed to bag a repossession in my desired area with a 10% deposit, but the kitchen had been ripped out so that probably put other buyers off.

Also, I was (up until then) looked at 2-bed terraces cus it was all I thought I could afford.

Don't loose heart. We nearly did and then ended up with a 3-bed mews/terrace. We realised we had to stop looking for places that were perfect and accept we'd might have to roll our sleeves up and do some work.. That's how we found the place we bought.

alipops1986

vicstick86 wrote: »

I got a 85% morgage a couple of weeks ago... youre not far off that!!
Couldnt you get a little top-up?

Not really. I'm the last of four kids, parents know i'm saving but have yet to offer any assistance! [Understandably, i do live with them rent free :rolleyes:]

Once i start my teaching job from September, i will be able to save twice as much per month. [earning just shy of 21k from then]

Just feel like i'm never going to be able to save enough, it really is frustrating at the moment.

Batchy

if you have 10000 savings (ISA)... and some other pennies, lying around...

10% of 75000 is 7,500, therefore 15% is 11,250, 20% is is 15000

I have seen some acceptable 15% deals around...so based on your savings of:-
10000 ISA
1500 Drip
750 barclays Savings after waiting 3 months

thats 12,250... I dont understand your problem.

As much as 25% gives you a better deal, this is normally only a 2 year deal and say 70 quid extra per month for 2 years, THEN, you can get a more favourable rate after that, which im sure it wont be any worse than it is now. Although im sure rates will rise. (so the less favourable rate will only cost you say 1500 over two years, So i wouldnt worry about it too much, since some mortgage fee's can be that much anyway to get a better rate!!!)

Zero Stamp duty
some legal fees
etc

and your away!!!

:-D keep smiling your nearly there!!