Aargh! House prices are so low but we don't have a deposit!

Dharma_Bunny

In the area we want to live in the rents are £450-£500 for a two/three bed semi. To buy in that area would be £100,00 - £150,00.

I'm willing to live in a dodgier area to get on the ladder though.

dizziblonde

You don't really need a "massive deposit"... there is still stuff out there. As for how we did it - I've got an unproveable income (I'm a supply teacher - so for the purposes of mortgage calculations I generally don't exist), so we were reliant upon hubby's income only in terms of hitting income multiples and the like. I also as a young adult got into the usual minor brown smelly financial stuff (think my then-partner, the abusive idiot, was also clearing out my bank account on the sly to be honest - since as I kicked him out the overdraft vanished the following month too) - so hardly have a perfect history - although that was years ago now.

We looked into 95% deals - couldn't quite get the income multiple we needed on one of those using hubby's salary alone (I was very concious I didn't want to live somewhere I didn't feel safe - I'd rather have rented in a good area than bought somewhere dicey) - we just about had the 5% deposit by using wedding present money the in-laws had given us for a holiday of a lifetime (I'd have felt dreadful blowing that amount of cash on a couple of weeks away - and hubby sulks if the temperature gets remotely warm anyway)... the in-laws stepped in to up our deposit to the 10% bracket, where a fair few mortgage possibilities opened up and we went via the Post Office - surprisingly (for me - I'm terrified of banks) it was accepted, started house hunting and ended up buying the house three doors down from where we rented - and it works out at something like £25 a month less than we were paying in rent.

I'd held off for years thinking there was no way buying was achievable and it turned out it actually was.

RexBanner

geoffky wrote: »

:rotfl::rotfl::T:T your age shows through along with your naivety,,,prices never fall in London....oh dear...

Oh dear indeed. Also, young people getting their fingers burnt this time round is one thing - those old enough to remember the last time who've still made the same mistakes are a different class of eejit altogether.