Do you think I can buy this house?

Catblue

Danjames90 wrote: »

Which is best.....

Taking a risk and getting more in debt to live in a nice area and get my children in a good school. I do mean good, one of the best in the country..

or

Staying put in the house we have now rented out and sending my child to an awful school.

Not really a choice on my eyes........

or

Not purchasing two BTLs in awful areas in the first place, but instead using your money to purchase ONE house in the great area with the great school. Which you then live in.

You seem determined not to take responsibility for the fact that your own actions have prevented you from buying the new house. You chose to take the risk of being unable to purchase a third house by buying the two previous ones that are not in a good enough area for your son.

There's a certain irony in you asserting that you "are not robbing anyone of a future" when your own actions have real consequences for the educational future of your son (as you are now finding out).

You keep saying that you know the risks. Well, sorry but this is one of the risks.

I don't intend to be harsh (honestly ) but some people just do not realise that their gamble to "make a better life for yourself and your family" means putting yourself and your family in jeopardy. High stakes.

geoffky

mpg wrote: »

I have equity in my house because i overpay my mortgage.

" If you can afford a £300k house I cant see you buying one for £100k

The problem is people over stretching.

I really think you are a debt junkie...i can afford a million £ house...but have just paid cash 180k for one...go figure your attitude...

Danjames90

Catblue wrote: »

or

Not purchasing two BTLs in awful areas in the first place, but instead using your money to purchase ONE house in the great area with the great school. Which you then live in.

Not possible as I couldn't afford a nice house in a nice area, i still cant as they are in excess of £250,000. I was earning 11k a year at the time and wanted to buy a house. I purchased my first house for 40K did it up over three years or so and it rocketed, used the money to move and buy a second in a different city. This was 108k. In that time I have had a child and now in September that child is ready to go to school. My 108k house is not in the catchment area so i had to move and rent. Don't get me wrong I don't live in a particularly bad area but there is better. Please understand I have lived in both of these houses. I wanted to buy a house to get on the ladder and these areas were all I could afford.

Catblue wrote: »

orYou seem determined not to take responsibility for the fact that your own actions have prevented you from buying the new house. You chose to take the risk of being unable to purchase a third house by buying the two previous ones that are not in a good enough area for your son.

What a load of rubbish and you obviously haven't understood what I was asking. I am not sure what I am suppose to be taking responsibility for??? The reason I own two BLT's is nothing to do with me not being able to afford the house I currently rent, in fact if anything THEY are going to be the reason I CAN afford the house I currently rent.

Without them I would have no chance if getting a 10% deposit together or even 20%.

Catblue wrote: »

or[/BThere's a certain irony in you asserting that you "are not robbing anyone of a future" when your own actions have real consequences for the educational future of your son (as you are now finding out).

You keep saying that you know the risks. Well, sorry but this is one of the risks.

I don't intend to be harsh (honestly ) but some people just do not realise that their gamble to "make a better life for yourself and your family" means putting yourself and your family in jeopardy. High stakes.

What is one of the risks?

My combined income is 50k, no debts, savings in the bank AND two buy to let properties and I want to buy a third. I am not asking for you morel advice how I run my life is none of your business. What I was asking is if you thought it would be feasible to walk into a bank and get the money.

Why do people get on their high horse "you knew the risks blah blah blah" I am not after sympathy, I am doing alright thanks.....

StevieJ

geoffky wrote: »

I really think you are a debt junkie...i can afford a million £ house...but have just paid cash 180k for one...go figure your attitude...

Good to see you back in property Geoff but what about that crash?

poppysarah

Danjames90 wrote: »

What I was asking is if you thought it would be feasible to walk into a bank and get the money.

Go walk into a bank and ask then.

Nixer

What do you mean "no debts"? Unless I've misunderstood you've two mortgages - otherwise the rent from your two BLTs (sic) would count as income and you'd borrow against that?

And "what if none of this happens?". If you've got 2, possibly three mortgages you need to be able to deal with interest rates rising (and they will). Can you? How?

mpg

Arthritic_Toe wrote: »

Well, assuming 5% interest on savings, you would end up with 420k by just sticking it in the bank and putting your feet up for 25 years.

Even if your 260k house has doubled to 520k, you will have had 25 years of aggro, cost, time and hard work in the form of maintenance, voids, letting agents, tenancy agreements, obnoxious tenants etc. Is it really worth it?

Sorry to bring up this thread again but I can counter the above argument YAY.

Your saying that if I put £700 per month into a savings account I can make X amount without the hassle. Great

Only where is this £700 coming from?? Out of my pocket??

Whereas If i have a BTL then my tenant is paying the £700 so in 25 yrs its pretty much a free house.

Unless I'm missing something as Ive had a drink or 3:beer:

tara747

sciencegeek wrote: »

why not continue renting at 800pm and save the other 700pm you are not using to service your mortgage debt. Soon enough you will have saved a much larger deposit.

I think trying to buy a 260k house on a combined income of ~50k is crazy.

Me too! Sorry OP.