The Market Astounds me!

batley1

:rolleyes: Reading this thread with great interest, excuse me if I waffle this is my first post on here!

Well, I'm a young(ish) FTB, currently waiting for notice period on a repossesion to expire. Having bad credit history and been on a medium salary in a major city, me and my husband had resigned to renting private property for the next 10yrs.:eek:

After reading articles on this website:money: , we decided to approach a broker. It turned out if we could get a 5% deposit together, we could have a mortgage 7 and a half times our joint earnings, and they would take into account our various tax credits etc...... We decided we would go for a 4 and 1/2 times mortgage in the end.

If this is what we could could get, what can those 1st time buyers with spotless credit get?!?

Ps, I believe the house with have an offer on is good value. Prices foe the equivalent property are 30% above our provisionally accepted offer....

Wish us luck that no one sees the public notice!!!!

Doozergirl

Welcome to the boards, batley1! Good Luck with the public notice.

We complete on a reposession on Friday, so I know how nail-biting the time until exchange is!

batley1

It is nail biting, whats worse, we have to wait to weeks before I know i we can instruct.... Ps Do conveyancers do home buyers surveys? or do I hav to pay some one else to do that? (Sorry if I'm hyjacking, let me know, and I'll start a new thread.

Doozergirl

You can ask the surveyor who does your mortgage valuation to do a homebuyers at the same time (which may be cheaper) or you can find your own if they only do mortgage valuations or you want to check on prices.
There's a searchable database of surveyors at https://www.rics.org

j-baby-scotland

Property_Magnate wrote:

Just when you think you've run out of fools ... along comes a greater one.

Nice profitable & selfish way to live your life.
Some among us, not ruled by capitalism, would view u as a fool.

silvercar

j-baby-scotland wrote:

Nice profitable & selfish way to live your life.
Some among us, not ruled by capitalism, would view u as a fool.

Well out of order comment on two fronts.

Firstly "pls be nice to all moneysavers" especially when your comment does not give any useful information!

Secondly, if someone wants to buy a house your selling what do you suggest OP does - refuse to sell? Renters want to own the home they are living in, whats the problem with that?

batley1

I have to agree with silver car. For ftb its trechorous getting on to the market. Jobs are paying the same, but house prices and the cost of living is going up. Like my husband and myself, when the chance comes up, you have to take it. Because of the council right to buy policy, there is a decreasing amount of cheap rented property on the market, and as A result for the last 4 years we have had to privately rent. We live in leeds, and with a family, to get a decent house is costing us over £500 a month. We cant get a council property to rent because we haven't been homeless for 6 months. But private renting contracts only last for a year, and if you dont want to move house every year for the rest of your life, then taking and inflated mortgage is the only answer..... does it make me a fool for wanting some stability for myself and children...?

Ems*Honie

Ok, you lot scare me!! We're buying our second home, we're looking for rundown reduced property, which we can substantially (sp?? sorry) increase in value, and are not taking our full mortgage, just the paymants we can afford + a 1 point interest raise. I dont work, and Mr can get extra work, so we can increase our income if we need to.

We are not selling this house, but letting it longterm to cover the mortgage, (the rent is over 130% of the mortgage) We intend to sell it in 10/15 yrs time all going well.

Do you all think we're mad, we are aware of the impending crash, and are not assuming house prices will keep going up, but hope we can ride it out the other side keeping one house as a home, one as a pension.

Apologies for typos

meanmachine_2

This whole "keeping a home as a pension" is a temporary fad.

You'll soon realise it's crazy when the working population starts to reduce (which it will do big time from 2010).

All you can hope for is that we continue our open door immigration policy, otherwise you'll find you won't have anyone to sell your house to.

irnbru_2

batley1 wrote:

But private renting contracts only last for a year, and if you dont want to move house every year for the rest of your life, then taking and inflated mortgage is the only answer

Have you put your name down with a Housing Association?

Or looked into Shared-Ownership schemes?