First time buyer going literally insane

anjb

No offence meant, but words fail me why parents charge their kids for rent. Unless there's great financial strife, its just going to come back to you later in one form or another.

Ask to pay no bills ie free living, if your earning 33k that's 25k post tax, less outgoings - car insurance/fuel/tax etc and a social life - keep frugal. Go from there.

Leon_W

" Leon, I take what you're saying but I have no indication of how lenders would deal with me if the value were to go up and I needed to remortgage to cover it. Are they likely to be receptive to a request to remortgage in those circumstances? "

We're talking what, 10 years out ? How do I know what lenders criteria will be.

I don't wish to appear rude, but life is full of leaps of faith, you cannot guarantee what will happen in the future. You either grab the bull by the horns or live within your comfort bubble.

Croker

anjb wrote: »

No offence meant, but words fail me why parents charge their kids for rent. Unless there's great financial strife, its just going to come back to you later in one form or another.

Ask to pay no bills ie free living, if your earning 33k that's 25k post tax, less outgoings - car insurance/fuel/tax etc and a social life - keep frugal. Go from there.

None taken, but my retired parents have worked hard all their lives, have paid off their mortgage and have enough to support themselves through their retirement. They haven't got enough to just pay for the food I eat, the water, electricity and gas I use, etc etc with no recompense. I can't say I find that fair. It doesn't cost nothing for me to live with them, and I work full-time (unlike them), so I think it's only right and proper that I contribute...and it's an amount markedly less than rent or a mortgage would be.

LeonW - wise words to an extent, but I've been having to save on a regular basis whilst at home, so as to pay debts off, often very large amounts on a monthly basis. The only difference I can see is that I would have a smaller amount to save each month if renting a place of my own - but surely setting a sensible budget and renting appropriately (i.e. not a flash bachelor pad right in the city's most exclusive development), would help?

Croker

Leon_W wrote: »

We're talking what, 10 years out ? How do I know what lenders criteria will be.

Well, maybe because you're a mortgage and protection adviser? I'm not being rude, either, but never having had a mortgage before, I'm trying to get some idea of what would be required. I'm not asking you to actively predict it, but was just asking for an opinion in broad terms.

LeonW wrote:

I don't wish to appear rude, but life is full of leaps of faith, you cannot guarantee what will happen in the future. You either grab the bull by the horns or live within your comfort bubble.

For Christ's sake, it's not a comfort bubble, I'm just trying to make an informed choice, is all. Hopefully said choice won't see me losing my house in 10 years time.

Barros

Leon_W wrote: »

Take this from one who knows.

99% of people say they can save when they are renting and 99% of them are wrong.

:j there's always an exception to the rule ... that would be me

Leon_W

" LeonW - wise words to an extent "

I've never been so insulted ! My words are always wise.

Going from living at home to renting is not all it seems. People look at the rent and think that's it and they'll manage. How wrong they are !


Add these together. Rent, TV License, BT, Water Rates, Electricity, Gas, Council Tax, Insurance, Food, Other Household Expenses etc etc. You'll be surprised how expensive it is compared to living at home.

It is no surprise to find that recent statistics are saying that Landlords are experiencing increasing rates of rent arrears due to the economic climate.

seafarers_wife

go for the shared equity, thats what we are planning on doing in the next few months (if i can convince OH to do it :rotfl:)

we are going to be looking at a 160K house with a 15% deposit from the builder so we would be putting down 8K of our money, the builders 15% needs to be paid back within 10 years and will be done by either remortgaging or using savings once we have built them back up to a resonable level of what we are happy with.

it does mean that there is an extra loan hanging over us, but its a gamble we, well i am willing to take as if the property value drops then so does the builders percentage and vice versa and it means we can start properly with our life plan. we are going for a 5 year fix mortgage anyways so will hopefully be able to repay the builders percentage at the end of the 5 year fix when we remortgage.

house buying is a gamble and to be honest i would go with the builder rather than risk my parents house if it all went tits up.

Incyder

If you rented a 2 bed house or flat with someone in a position similar to you, then yes, you'd gain freedom away from parents and would be able to save aswell, although not so fast.

You would also get to grips with all the bills and hoovering and which programmes do what on the washine machine. e.g life skills

Average 2 bed rent maybe £500 per month (dont know where u live), so £250 each, plus split the bills. I guess that will cost you £400 each per month plus your food.

If you hate it then at the end of a 6 month period, you can go back home.

Leon_W

Nice one seafarers wife.

Life is for living and you're not going to get anywhere with a serious case of "what if" attitude.

I wish you and Captain Birdseye luck in your new home !

Barros

Croker wrote: »

None taken, but my retired parents have worked hard all their lives, have paid off their mortgage and have enough to support themselves through their retirement. They haven't got enough to just pay for the food I eat, the water, electricity and gas I use, etc etc with no recompense. I can't say I find that fair. It doesn't cost nothing for me to live with them, and I work full-time (unlike them), so I think it's only right and proper that I contribute...and it's an amount markedly less than rent or a mortgage would be.

I applaud you :T