We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

First time buyer- Help

Options
Need an honest opinion. Are we crazy?

We have a 5,000 overdraft and are currently renting (2 years now).

We desperately want our own house.

We have a 7000 deposit (the house we want to buy is 129000).

We cant really afford more than 500 a month on repayments.

Could we get a mortgage? and if so who with etc?

Thanks
«1

Comments

  • beecher2
    beecher2 Posts: 3,677 Forumite
    Tenth Anniversary 1,000 Posts Combo Breaker
    To buy a house at £129,000 you would need a deposit of at least £13,000 as well as additional money for fees etc. A mortgage of £116,000 would cost £678/month at 5% over 25 years.

    So no, you don't have a chance of getting the house you've got your eye on at the moment.
  • ericax
    ericax Posts: 17 Forumite
    Thank you. I thought there were some 5% deposit mortgages out there now?
  • _Andy_
    _Andy_ Posts: 11,150 Forumite
    Whether there is or isn't, you can see above you can't afford it anyway..
  • ericax
    ericax Posts: 17 Forumite
    :-( Well that's us doomed then. How do they expect people to get a house these days??? Not all of us are on good wages, weep.
  • Cannon_Fodder
    Cannon_Fodder Posts: 3,980 Forumite
    Use £5k of the £7k to clear your overdraft.

    While you are using the overdraft, you don't really "have" £7k.
  • ericax
    ericax Posts: 17 Forumite
    Ye we know thats an option. The 7 grand is in shares though. So dont really want to touch it unless we absolutely need to. We are gradually creeping out our overdraft.

    Just though there must be a mortgage out there somewhere for us.

    I should have chosen a richer fiance!
  • daviduk1976
    daviduk1976 Posts: 378 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    Shared ownership may be an option to look at......
    TOTAL 2013 £3100 :eek:
    TOTAL 2014 £1250

    TOTAL 2015: £500 winning:2 tkts to theatre, Cap1 Footie, weeks holiday in lakes.
  • ericax
    ericax Posts: 17 Forumite
    Ye looked at that too. Nothing available up here (cumbria). Affordable housing schemes are full too. No fair!
  • ericax
    ericax Posts: 17 Forumite
    Right- we now have a 10% deposit for a 129000 house. We've REALLY want this house. Only problem is- when I go on these mortgage calculators it says we can only borrow about 90000 on our wages. Is there any chance we can get more???
  • _Andy_
    _Andy_ Posts: 11,150 Forumite
    Deposit or not, you've already said you can't afford the payments so I'm at a loss as to why you're still looking into this?
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 350.9K Banking & Borrowing
  • 253.1K Reduce Debt & Boost Income
  • 453.5K Spending & Discounts
  • 243.9K Work, Benefits & Business
  • 598.7K Mortgages, Homes & Bills
  • 176.9K Life & Family
  • 257.2K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.