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The gulf of 'affordability'
Comments
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Property 4: Not really in Bristol! Would cost me a fortune in petrol to get to work up near 'sadly broke'!
.
Ok how about
http://www.rightmove.co.uk/property-for-sale/property-34469606.html (you'd have to get a couple of grand off but it is a buyers market, and Lockleaze is fairly close to good old bradley stoke.
or
http://www.rightmove.co.uk/property-for-sale/Lockleaze-94079.html?index=20
or
http://www.rightmove.co.uk/property-for-sale/find.html?locationIdentifier=REGION^9938&maxPrice=90000
My other half grew up in Lockleaze and her mother still lives there, fairly quiet area.0 -
With FirstBuy you own 100% of the property so with a 5% deposit you'd be looking for a 75% LTV.
I think i can get this down to 70% or maybe even (with help!) 65% LTV.
Wish I could get a FirstBuy, although even earning £30k in London its impossible!
Well to be 100% honest it seems unlikely you'll get a mortgage you want. I know alot of people here will scream "murder" but have you considered any other schemes?Debt free since birth, although planning to buy my first home in 2012 so bring on the debt!!0 -
Property 1 + 3: Preferably somewhere that isnt going to be burgled every 5 minutes and wasnt once a crack den.
Property 4: Not really in Bristol! Would cost me a fortune in petrol to get to work up near 'sadly broke'!
Property 2 is the only one which is in a reasonable area and would be an ok commute. But that one is already under offer.
No offence, but don't think you can afford to be fussy on a £20k salary.0 -
OP I don't know if your circumstances allow for any of the below but in case they do I thought Id mention what some people in similar situations have done:
- if you have a relative in the area could you move in for a while and save save save ?
- you mention your wage is going up to 22k in March, if you expect similar increases over the next few years, could you possibly move into a flat / house share until your wage and savings allow you to get the mortgage and house you desire ?
- if you NEED a mortgage now rather than in 1 or several years, then could you buy with someone whos in a similar situation so you have two incomes and two deposits which would position you much better and then wait until your wage and equity allow you to buy a house on your own?
- would one of your relatives be able to act as a guarantor ?
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I know things may not look as positive as you wish they did right now but you never know whats around the corner, you could meet someone soon and then buy together)
Whichever way you choose, I hope it works out for you.Never trust any stats you didn't fudge yourself ;o)
Personality profile: I.N.T.J.0 -
I definatly have a person who would act as gaurantor, who has 2 homes, 1 is rented out, and neither has a mortgage.
I'm just not sure how much of a difference this would make in mortgage negotiations???0 -
I definatly have a person who would act as gaurantor, who has 2 homes, 1 is rented out, and neither has a mortgage.
I'm just not sure how much of a difference this would make in mortgage negotiations???
Pay off your debts first, save a bigger deposit and enjoy the house price falls over the next years.
Your rush to jump on the housing ladder prematurely could get you in trouble.:exclamatiScams - Shared Equity, Shared Ownership, Newbuy, Firstbuy and Help to Buy.
Save our Savers
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Not sure about others but my plan is to be left with 35% of my salary each month after all monthly expenditure.
May sound alot but need to plan for the worst case scenerio.
Also been doing my own research and there's no guarentee of prices going down. The next 18months.are the most unpredictableDebt free since birth, although planning to buy my first home in 2012 so bring on the debt!!0 -
if i got an interest only mortgage, i would be looking at around £380 pm, which would be amazing!
Halifax criteria;-Shared equity
Lets your clients buy a home by sharing the equity with a third party.
Halifax must have first charge, the seller secures their interest by way of a second charge.
We will consider lending up to 95% of the value of the share that is being purchased.
Client must pay a 5% personal deposit towards the purchase of the share (excluding any deposit provided by a builder or housing association).
The mortgage must be on a repayment basis. (A request to transfer to a full/part interest only basis as a means of reducing outgoings for customers in financial difficulties may be considered.)Equity share applications only accepted on a capital and repayment basisI am a mortgage broker. You 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. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Right, a little update. Following discussions with my mother she is willing to cover the difference between what i can get for a mortgage (around 70k) and the rest of the price of the home (-the 30k the FirstBuy would put in). So i would effectively have a 47% LTV mortgage.
Repayments on this would be easily manageable, and my mother wishes that I only pay her the interest that she will be losing out on by giving me the money (which we've calculated to be about £100pm the first year, £105pm the second etc etc).
So, i will be going to the builders next week and starting the process. It may not happen, we may find that having a parent willing to put in their savings wipes out the option to go on FirstBuy, or perhaps once all the service charges + home insurance etc is all added up, it becomes un-affordable, but we'll see.
At least now, with my mother's support, I can go down this road with my eyes open, and if it looks like its going to be unaffordable, then we can look into other options aswell.0
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