are we just wasting our time?

Henry_P_Chester

boltonangel wrote: »

as we are living in work accomodation miles and miles from family we are looking to get a foot back on the property ladder again while prices are low as we don't want to be priced out of the market.

I find amazing that people think property prices are low. Wait fir prices to fall, time is on your side, save as much as you can for a couple of years.

boltonangel

i know that compared to 2002 prices aren't low, but the properties we have been looking at recently were bought in 2004/05 for more than the current asking price.

i don't mind waiting, but just don't want to find that in 3-4 years when we are ready to move back home we can't because we can't afford it. we've never been able to afford to live in my home village until now, and obviously my past mistakes are holding us back now

Raggs_2

boltonangel wrote: »

i know that compared to 2002 prices aren't low, but the properties we have been looking at recently were bought in 2004/05 for more than the current asking price.

i don't mind waiting, but just don't want to find that in 3-4 years when we are ready to move back home we can't because we can't afford it. we've never been able to afford to live in my home village until now, and obviously my past mistakes are holding us back now

You have to pay for your mistakes. Doubly so since you didn't pay for them the first time.

Like people have said, save like crazy, wait until your credit file is clean, and even if prices have risen a little, the better deal you'll receive with a larger deposit and clean record will more than likely offset the increase in price over the term of the mortgage.

redlady_1

I am 40 and have had to buy a renovation project (dont get me started on the joy of tradesmen!) because that was all I could afford. Admittedly, it ticks all my boxes apart from the renovation. I was cleared out in a divorce and had to start from scratch(and yes, I am female and yes, it does happen!) Now, unless you are older than that I would suggest you stop fretting about getting on the market and focus hard, and I mean hard, on saving. That's no holidays, mobiles are PAYG, no debt, no new clothes, shoes etc (a very hard thing for me to deal with! ) but here I am 5 years later with my own house. Also, dont think you can just walk into your dream house. You may have to get a flat or something in a not so good area. Compromise is key.

3-4 years is a long time and much can change. Concentrate on here and now.

hostie1985

Boltonangel,

I dont think you are wasting your time - it will be worth it in the end. I'm saving for a deposit too, i've been saving for about a year and half. the amount i have saved should be about a 15% deposit for a place - just keep saving!

Hostie

xx

boltonangel

Raggs wrote: »

You have to pay for your mistakes. Doubly so since you didn't pay for them the first time.

how do you know i didn't pay for my mistakes? just because i couldn't pay of all my debts does not mean i didn't suffer. i voluntarily sold my house and used the equity to repay debts, when the equity didn't cover all the debt i struggled on until i was eventually signed off work with stress and then definately couldn't keep up my repayments, when i contacted my creditors to explain they jacked the APR up.

My job was in financial services and was all i had ever done and obviously i can't do that anymore so not only am i trying to get a new house i am also trying to rebuild my life completely.

please don't tell me i haven't paid for my mistakes, whilst granted i haven't done financially i have in every other way.

GEEGEE8

I am a qualified mortgage advisor, so after I went bankrupt I couldn't really ever go back to that and ended up with a crappy job in retail..
I'm going to uni in Sept though, at 27 yrs old
It's hard rebuilding your life after bankruptcy, very hard.
Keep saving that deposit money and your time will come again. Nothing you can do before your 6 yrs is up I wouldn't think.

brit1234

Best to keep saving to get a better mortgage rate. Remember prices are still high and well overvalued but they have started to crash now nationally. The longer you save the more prices will fall so you position gets better by the day.

Thrugelmir

boltonangel wrote: »

how do you know i didn't pay for my mistakes? just because i couldn't pay of all my debts does not mean i didn't suffer. i voluntarily sold my house and used the equity to repay debts, when the equity didn't cover all the debt i struggled on until i was eventually signed off work with stress and then definately couldn't keep up my repayments, when i contacted my creditors to explain they jacked the APR up.

My job was in financial services and was all i had ever done and obviously i can't do that anymore so not only am i trying to get a new house i am also trying to rebuild my life completely.

please don't tell me i haven't paid for my mistakes, whilst granted i haven't done financially i have in every other way.

The past has gone. Tomorrow's a new day. Providing you learn from yesterday you'll be a better person tomorrow. You can never stop learning (if you want to that is).