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First time buyer- Help
Options

ericax
Posts: 17 Forumite
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
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
0
Comments
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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.0 -
Thank you. I thought there were some 5% deposit mortgages out there now?0
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Whether there is or isn't, you can see above you can't afford it anyway..0
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:-( 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.0
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Use £5k of the £7k to clear your overdraft.
While you are using the overdraft, you don't really "have" £7k.0 -
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!0 -
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.0 -
Ye looked at that too. Nothing available up here (cumbria). Affordable housing schemes are full too. No fair!0
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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???0
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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?0
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