Mortgage advice please.......!!!

LillythePink

I would go for the house rather than apartment - but that is just me.

Surely on your income, the mortgage of 900 is ok?

yes it's a big step but you can always remortgage or overpay to bring down the term later

themull1

For not much difference a month, go with the house. When my mam had a brain haemorrage we had to urgently find £500 per month nursery fees for my second daughter, and i had to also drop one day a week, but we managed!! and our combined wages were much less. i think just under a third of your wages for a mortgage is ok.

somethingcorporate

House over flat every time (having owned a leasehold flat for the last 3 years and just buying a house...).

horngkai

If you are planning on a family, get a house.... I bought a 2 bedroom flat 2.5 years ago and now with a 4 months old, I am dreading to move out when I have the chance.... there ain't enough space in here

Wh05apk

Don't forget the apartment will also have management/leasehold charges of perhaps £100 pm? reducing the difference.

Thrugelmir

JohnWex wrote: »

Right, we have decided to scrap the plans to buy the house. It was working out too expensive and we were worried about getting a 35yr mortgage.

Today we have been looking at a 2 bedroom apartment in the same development. Its only 40 minutes by train to London, is 786 sq feet with a large wrap around balcony and separate kitchen. It would cost around £206,000 and with a 25% deposit (5% of which is being gifted by the developer), a 25 year mortgage looks like it would be approx £780 per month.

Think long term. If you intend staying in the apartment for 4/5 years then maybe a realistic option. Everybody wants a house. Sometimes you just need to start somewhere to get on the ladder. If possible shorten the mortgage term down to 22/23 years. It'll make moving out and up far easier.

slummymummyof3

Do you HAVE to buy a new build? You may find some more attractively priced properties in the 'second hand' market.

getmore4less

I think you need to sit back and have a proper think about what you want

Why was the house becoming too expensive?

The rent on the money(interest) was similar to your current rent.

It should have been possible to find more to put in as capital repayments than the 35year repayment loan required.

Come Dec there was another £200pm getting freed up.

Have a good think about whta realy was putting you off the house.
I think you will find most will also aplly to the apprtment, and that comes with it's own issues, leashold hold and charges are two things to avoid.

Moving costs a lot so you need to have a plan that avoids moving too many times.

Where is you money going, how much are you saving now?

I agree with the others have a look around, there is usualy much better value away from new build and there are few keen sellers about.

Can you move areas.