1st Time Buyer - Co Ownership

wanchai_2

Don't do it, OP. It is a scam and you won't be able to sell because (a) hardly anyone will touch a CO house and (b) it will probably be worth less than you paid for it (yes, in 8-10 years).

Keep saving and you will be far better off when you start to build your own home.

Graham727

House is a semi in Lisburn area.

If we where to ask faimly to lend us 10% for the deposit would we be better getting a full mortgage??

I have looked and there seems to be a few companies offering 10% mortgages!!

saverbuyer

Graham727 wrote: »

House is a semi in Lisburn area.

If we where to ask faimly to lend us 10% for the deposit would we be better getting a full mortgage??

I have looked and there seems to be a few companies offering 10% mortgages!!

I assume is a new build in one of the Thaxton or Coopers mill?

Seriously these new builds are way way overpriced. Negative equity from the start. I.e. a mortgage greater than the value.

You'll lose your deposit or family deposit when you come to sell.

What are you earnings like?

Graham727

Magheralave Meadows.

Combined £38,000.00!!

Graham727

Plus bonus of around £3k per year!!

saverbuyer

Standard semi. I would say 20% over valued. I'd expect at least 20-25K off that 150k.

At 147,000 and a 95% mortgage you would be looking at 3.6 time joint earnings. That's a lot.

What happens if you have kids? Get sick?

Interest rates are at the lowest in history. Your payments can only go up.

If I was you I would save harder, Look to get up you income and negotiate lots off that price. It's a falling market and 150K for a 3 bed semi is ridiculous. You are seriously over paying.

Graham727

I really appreciate all your help and advice and have taken it all on board.

We will have to have a real good think now on our options.

I am still worried about the missed payments on my credit file making it hard or impossible to get a mortgage if we where to proceed!!

saverbuyer

Graham727 wrote: »

I really appreciate all your help and advice and have taken it all on board.

We will have to have a real good think now on our options.

I am still worried about the missed payments on my credit file making it hard or impossible to get a mortgage if we where to proceed!!

They will still cause issues at 95% LTV to be honest. Even 90% is high and will cause an issue. At 150K on your earnings you'll struggle to meet affordability at 90% even. I would probably look at a much cheaper house.

To put it in perspective I can get a 4 bed detached in my area for that price.

Graham727

Which area are you in??

I think a trip back to the mortgage shop is in order!!

saverbuyer

Graham727 wrote: »

Which area are you in??

I think a trip back to the mortgage shop is in order!!

Co.Antrim area.

I wouldn't really worry about the mortgage shop. I've found that they will sell you anything they can just to get the commission. They didn't really care about reversion rate, possible interest rate rises etc. when it came to my brother’s mortgage recently. They often just want to sell you something, anything.

The best thing you can do is your own research. Don't get talked into anything by the developer. Never listen to them saying fixed prices because it's usually crap.

Seriously prices here continue to fall big style. Don't rush in. You could rent that house you showed for £400 less than the mortgage payments and rates.

Why not rent, save and watch the prices continue to plummet.

Oh and don't be tempted to give anymore booking fees or co-ownership fees. Nothing is selling at the moment. No need to rush because chances are it won’t sell.

I earn much more than you and wouldn't dream of spending that much on a semi in BT9.