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Money to re-decorate.
Comments
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The paint has diamonds in it... i have expensive tastes.
If you read the previous posts, I said that updating decour can wait and we can do it as and when we can afford it. The property needs a new kitchen and bathroom. painting them will have little affect on their functionallity I'm afraid.
As for the deposit, March is bonus month and it's money we have just happened to come into. Of course it makes sense to pay off the loan, however, this wont do us any favours in buying this particular house.
As I stated before - we are not actively looking for a house. If we cant buy this one we would most likely pay off the loans.
Birkee,
I appreciate your point. What is frustrating is that we can get a mortgage for a house potentially worth a lot more - recently rennovated etc. Whereas we cant spend less by buying a cheaper house and making it nicer (ulimately spending less). I now realise that it's unlikely that we'll be buying the house. Just dissappointing.0 -
You couldn't live with the bathroom/kitchen as they are for a while and save up?
We've got this problem in the place we're buying. It needs the bathroom extending into one of the bedrooms and a new bathroom suite put in. We've the cash saved to do everything else in the house (decorating, smaller bits of building work etc.), but we've decided to live with the bathroom as it is until we've saved up enough to do the work.0 -
What is frustrating is that we can get a mortgage for a house potentially worth a lot more - recently rennovated etc. Whereas we cant spend less by buying a cheaper house and making it nicer (ulimately spending less).
No you can't, you haven't got a deposit.
You need to understand that getting a mortgage isn't just about how many income multiples the bank is prepared to lend you.0 -
We plan to go and look at the property again once i return home next week, so will make a second judgement on it then. certainly we can live with the living areas being scrappy for now. The Bathroom is falling to bits, lots of mould etc. I wouldn't want to live there being the way it is. Potentially the kitchen might be able to be left, a few stand alone components would need to be bought - cooker only semi-works etc.
I will have a better picture in my head next week. For now I'm just wondering what all the available options are. Of course a risky option would be to tell the sellers I'll pay them £230k if they give me £10k cash back after the sale. That way they get £5k more for the house, we get a mortgage and money to do it up
(not seriously contemplating that!)0 -
No you can't, you haven't got a deposit.
You need to understand that getting a mortgage isn't just about how many income multiples the bank is prepared to lend you.
Yes i understand that. That's what i mean by saying "potentially" getting it. I'm not saying it's not fair in anyway. I'm saying it's frustrating.
Had we been looking for a fancy house that we weren't planning on doing anything to then we would puposefully have saved a deposit. Our living arrangement at the moment is fine - we have just happened to find this house out of the blue that we both really like in terms of location etc. and the down side is that i think it needs a bit of work before we could actually live there.0 -
take your time decorating - its so much fun with your first home!
Thats a long time on the market. If its dropped to offers £215k, I would still offer 10% under their revised price & then final offer of what you are prepared to pay.
Having said that however, being debt free would be better...I truly believe interest rates are going to start going up - even with BoE's resistance to increase them inflation is now running away & hopefully the effect will be house prices dropping further0 -
Errrrrrr you wot?The house in question is valued at £240k and has been on the market for a long time (May 2010) and the asking price has subsequently dropped to offers over £215k. We have been unofficially been told that we could get the house if we offer £215k which is substantially under value. From plugging in some numbers online it would appear we could get up to around £300k if we so wished.
If it hasn't sold at 240, why do you think you could get 300 for it?0 -
Why not just borrow more to cover the cost of renovating the property? It depends who you're getting your mortgage from, but several lenders will just lend you what you ask for and also point out the LTV so you don't go over the preferential rate and into a more expensive rate.
Then use the extra cash to do up the property and then overpay the mortgage for a few years to pay off the additional 'loan'.Everyone is entitled to my opinion!0 -
evoke and mr-fishbulb, have you actually read the OP? He has a tiny deposit (once debts are subtracted) and no room at all for borrowing more unless 110% mortgages come back.0
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