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FTB questions-Desposits and mortgages.
Ft01
Posts: 12 Forumite
Hi all,
First time buyer here looking for advice and to check my calculations are correct.
By the end of the year I hope to be a homeowner, i'm looking at houses for sale at between £35.000-£55000, preferably at the lower end of the scale, but of course it depends on the prospects of what i see, i've spent many months looking at houses in that price range and the majority of what i've seen i would be happy with-i'm looking for a house in/bordering a regeneration area and/or a refurb project (when i say "in a regeneration area" i don't mean one thats marked for demolition!!), I see this as an investment that i can live in and refurb/wait for a regeneration area to improve, i see this as a longterm project/investment.
I've done my calulations from an esate agents website/calculator, and worked out that for example..if i was buying a house that was £40,000 my deposit should be £4000, is this correct?
I'm thinking roughly that fees involved in the buying process are between 1000 and £2000?
I'm also concerned about my ability to get a mortgage-i've been with my current employer for a few months but have a large gap before that, is there a certain length of time one needs to be employed for?
Any other advice gratefully recieved!!
First time buyer here looking for advice and to check my calculations are correct.
By the end of the year I hope to be a homeowner, i'm looking at houses for sale at between £35.000-£55000, preferably at the lower end of the scale, but of course it depends on the prospects of what i see, i've spent many months looking at houses in that price range and the majority of what i've seen i would be happy with-i'm looking for a house in/bordering a regeneration area and/or a refurb project (when i say "in a regeneration area" i don't mean one thats marked for demolition!!), I see this as an investment that i can live in and refurb/wait for a regeneration area to improve, i see this as a longterm project/investment.
I've done my calulations from an esate agents website/calculator, and worked out that for example..if i was buying a house that was £40,000 my deposit should be £4000, is this correct?
I'm thinking roughly that fees involved in the buying process are between 1000 and £2000?
I'm also concerned about my ability to get a mortgage-i've been with my current employer for a few months but have a large gap before that, is there a certain length of time one needs to be employed for?
Any other advice gratefully recieved!!
0
Comments
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Just out of interest where are you looking. Those are seriously cheap houses. 10% is normally the absolute minimum deposit. More deposit will mean lower interest rates. A house has to be habitable to get a mortgage, normally. Might be an issue at your price range. Stable employment going forward is important. How much do you earn?0
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Just out of interest where are you looking. Those are seriously cheap houses.
I'm looking at within 40 miles of TS1 (teesside).
10% is normally the absolute minimum deposit. More deposit will mean lower interest rates. A house has to be habitable to get a mortgage, normally. Might be an issue at your price range. Stable employment going forward is important. How much do you earn?
I understand about a house needing to be habitable, it'd have to be habitable for me to live in it anyway!! so a structually sound house with the basics is what i'm thinking of when i say refurb. As I said i've been looking for several months and seem many viable options, the north east of england is exceptionally cheap compared to other areas.
I earn £16.0000 -
For my are of the country you would need your price of house as a deposit! Time to move t'up norf I think.Debt Is Slavery.0
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Henry_P_Chester wrote: »For my are of the country you would need your price of house as a deposit! Time to move t'up norf I think.
His top end price is what we are looking at paying per room for a 1 bed flat! :eek: :rotfl:0 -
O man thats soooo cheap:eek:
My deposit I'm saving for a 1 bed in London(Aiming for 10-20% deposit) would reach buying a complete house in Liverpool:p"No likey no need to hit thanks button!":pHowever its always nice to be thanked if you feel mine and other people's posts here offer great advice:D So hit the button if you likey:rotfl:0
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