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First Time Buyer going nuts and shunned like leper
SammyLee
Posts: 31 Forumite
Hi
I'm a really frustrated forty-year old first time buyer being priced out of the market in Northern Ireland. I've been to see two independent Mortgage Advisors and with my relatively low Govt. salary of approx £15,000 per Annum and most of my savings as deposit, the most expensive property I can afford (going Co-ownership is £135,000.
Co-ownership works by value limits dependent on what part of Northern Ireland the prospective property is and for the area I'm interested in it's only £135,000 regardless of what savings I have to contribute :-(
Getting a Guarantor instead of going Co-ownership was also put to me as an option but that person seemingly needs to be bringing in £25,000 a year after their own mortgage and debt commitments are factored in and frankly I don't know anyone that wealthy who could help.
Short of buying outside the region I want to or sharing the mortgage with someone (either of which aren't goers) is there any way I can possibly extend the amount I can borrow?
It's just that in a sellers market buyers like me going co-ownership are shunned like some kind of leper and Estate Agents deliberately seem to mark the prices of desirable properties over the threshold that Co-ownership purchasers can manage.
Any and all advice much appreciated.
I'm a really frustrated forty-year old first time buyer being priced out of the market in Northern Ireland. I've been to see two independent Mortgage Advisors and with my relatively low Govt. salary of approx £15,000 per Annum and most of my savings as deposit, the most expensive property I can afford (going Co-ownership is £135,000.
Co-ownership works by value limits dependent on what part of Northern Ireland the prospective property is and for the area I'm interested in it's only £135,000 regardless of what savings I have to contribute :-(
Getting a Guarantor instead of going Co-ownership was also put to me as an option but that person seemingly needs to be bringing in £25,000 a year after their own mortgage and debt commitments are factored in and frankly I don't know anyone that wealthy who could help.
Short of buying outside the region I want to or sharing the mortgage with someone (either of which aren't goers) is there any way I can possibly extend the amount I can borrow?
It's just that in a sellers market buyers like me going co-ownership are shunned like some kind of leper and Estate Agents deliberately seem to mark the prices of desirable properties over the threshold that Co-ownership purchasers can manage.
Any and all advice much appreciated.
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Comments
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Well that went well
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Why is moving out of the area you want such a no no? Hell I moved over here from the south of England because we were priced out of the market there. Lifes not easy atm as hubby is commuting London/Antrim but its a scrifice we made so as we could have a property without the debt0
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Buy a cheaper property .As a FTB you cant afford a £135,000 .If you cant afford to buy in your area then buy elsewhere .Buy an ex housing executive house .I know houses prices in Northern Ireland have shot up in the past year .Maybe consider buying somewhere you could rent out for a year or 2 and then sell .This could help with the deposit on the next house .0
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or, don't buy a house. Why be a slave to your mortgage & live in a place you don't want to?0
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