Help me im a first time buyer

bubbawelsh

hi everyone,

like most first time buyers im struggling to find a deposit for a house, the house im interested in is £130,000 so i figure that i would need at lesat £13000 i have been promised a 0% loan of £6000 from my mother and my girlfreind has £1000 promised as a gift when buying a house,

13000
6000
1000

this leaves us £6000 short and no way to find the remaining money (plus the sols fees etc),

we are viewing the house later today and i plan to ask the agent if he would consider if we rent the house would he take the total of what we pay in rent off the house when we can afford the house if you get what i mean !!!

my question is has anyone got any advise on this type of matter, another thing is that the house is a new build and do you think a offer under the price would be accecpted if so how much to offer,

also withe buying a house i understand the fees are around £2000 could anyone break this down and say what you should pay for each thing

andys15

bubbawelsh wrote: »

hi everyone,

like most first time buyers im struggling to find a deposit for a house, the house im interested in is £130,000 so i figure that i would need at lesat £13000 i have been promised a 0% loan of £6000 from my mother and my girlfreind has £1000 promised as a gift when buying a house,

13000
6000
1000

this leaves us £6000 short and no way to find the remaining money (plus the sols fees etc),

we are viewing the house later today and i plan to ask the agent if he would consider if we rent the house would he take the total of what we pay in rent off the house when we can afford the house if you get what i mean !!!

my question is has anyone got any advise on this type of matter, another thing is that the house is a new build and do you think a offer under the price would be accecpted if so how much to offer,

also withe buying a house i understand the fees are around £2000 could anyone break this down and say what you should pay for each thing

You might qualify for homebuying scheme if its a new house.

getmore4less

You could just be wasting a lot of time if you don't have a decent deposit.

What sort of salary multiple will the mortgage be?

Cannon_Fodder

The loan from your mother would count against affordability.

Does your income x4 = £120k ? If less, you aren't likely to get a mortgage for enough.

Aim for under £125k, to avoid stamp duty.

Bills are always more in a place you own, compared to renting/at parents etc, so save for a few months to get some spare cash behind you.

TMSL

The would be no stamp duty upto £250k for a first time buyer.

Leon_W

As TMSL says. No stamp duty and as it's a new build some lenders might allow a 5% builders deposit. So 5% from builder + whatever you've got should get you past the 10% level.

£2000 for outright buying costs is too much. A house of that value should cost under £1000 in solicitor fees. the only other fee being the lenders valuation fee, say £300 - £450.

JA1000

Sounds like you need to step into the real world before even wasting an estate agents time. If you are window shopping waste no one else's time except your own.

You are £6k short based on money being given to you, this means that you are not even putting in 1p towards this. First time buyers might be struggling to raise and adequate 15-20% yet you are struggling to put in 1p towards your 10%, let alone the other costs, how about furniture when you move in?

Don't bother viewing, knocking money off the price if you rent is utter nonsense.

Save up then review again when you have suitable finances.

bubbawelsh

how would i find out about homebuying schemes

bubbawelsh

to ja100

estate agents are on par with 2nd hand car salesmen and believe me mate the amount of work they do for the money they earn is stupid the world would be a better place without them , i owned a house before but had to sell due to leaving the armed forces,

so let me tell you for a fact that if a estate agent wants to make thousands of pounds for doing less that ten hours work then i dont think that anybody is WASTING THEIR TIME when sorting out a investment that will last 25 years plus

so let me guess your a estate agent sat in a warm office in a primark suit having to show people around houses and do a little paperwork to earn your 2% of 2% bonus for every sale you secure and thinking that youve had a hard day in work. get a life and you get in the real world you !!!!

bubbawelsh

Cannon_Fodder wrote: »

The loan from your mother would count against affordability.

Does your income x4 = £120k ? If less, you aren't likely to get a mortgage for enough.

Aim for under £125k, to avoid stamp duty.

Bills are always more in a place you own, compared to renting/at parents etc, so save for a few months to get some spare cash behind you.

spoke to morgage advisor she said they dont do the old 4x your wages anymore she said its done on your earnings minus outgoings and many other things like how many children you have thanks anyway

JA1000

Ha I wouldn't lower myself but I also wouldn't waste their time, so you are wrong.

However, I am right due to your response.