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To buy or not to buy?!?
emma_lewis84
Posts: 112 Forumite
Hi...my boyf and I have been 'offered' first refusal on the purchase of a house from a family friend. The 3 bed house with gardens front and back had been valued at 115,000-120,000 but they have said we could have it for 110,000: we would get cheaper price - they wouldn't have to go through estate agents.
Do we go for it? I earn 21,000 he earns 18,000 - we are currently renting at £500 pcm, how much more would a mortagge be?!? Where can we get advice?!?
Thanks for reading, I know it would be a bargain, but I don't know what to do - buying is a bit scary!!
Do we go for it? I earn 21,000 he earns 18,000 - we are currently renting at £500 pcm, how much more would a mortagge be?!? Where can we get advice?!?
Thanks for reading, I know it would be a bargain, but I don't know what to do - buying is a bit scary!!
Positive vibes:
Spending less than £100 on food shopping in May.
organising cheap/free days out with friends
Negative vibes:
Being £1100 in my overdraft
Spending less than £100 on food shopping in May.
organising cheap/free days out with friends
Negative vibes:
Being £1100 in my overdraft
0
Comments
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The mortgage would not be a problem based on your incomes.
Do you have any other debts in the background?
Do either of you have any adverse credit history?
What amount of deposit would you have to put down?I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
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If you were to take out a 100% mortgage, repayments would be around £650 I think - depending on the interest rate you can get.
You can often get a lower rate if you have a deposit and with the reduction in mortgage needed you wouldn't be paying heaps more than your rent currently is.0
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