Buying without mortgage. £35k Budget

autumn_tree

We (a couple) are currently renting in Birmingham. Over the last 10-years we have cleared our debts and managed to saving up.

We are looking to settle down and build a more permenant live together. We are both self employed - both starting this year.

We would prefer to buy mortgage free (a mortgage isnt an option tbh) and we are willing to relocate anywhere in England and Wales to achieve this. Location isnt important to our work.

Ideally, we would like a minimum of a 2-bed house up to £35k in an area (town or city) where we can raise a family without fear. We are not looking for big projects and redecoration is fine for ut

Any area suggestions would be really helpful

motherofstudents

I only know areas near Bury so I'd suggest Burnley, Bacup, Accrington. Do a rightmove search and you will see there are plenty of houses in your price bracket. If you are serious, why not try an auction, as you have cash.

p00hsticks

autumn_tree wrote: »

Ideally, we would like a minimum of a 2-bed house up to £35k in an area (town or city) where we can raise a family without fear. We are not looking for big projects and redecoration is fine for ut

Any area suggestions would be really helpful

Some of the cheapest areas to look are places like Sunderland, Middlesborough, Nottingham, Hull, Stoke, Merthyr Tydfil, Blackburn. But although you might see some auction guide prices for repossessed properties in those places set below £35k, I don't think many will go for under that, and those that do are not going to be areas 'where we can raise a family without fear'

CKhalvashi

We have several BTL's in the CF48 area that we paid anywhere from £10k (2003) to £28k (last month), before refurbishments (about £6k.)

I've always had properties on the Merthyr Vale and Abedare returned in reasonable condition, but a general guide is to stay away from Aberaman and Godreaman if you want to stay in one peace.

CK

Fire_Fox

Welcome! You might be best considering upper floor flats, perhaps in a decent sized city centre. I know that is not ideal for raising children since you'd probably want a garden eventually, but anywhere a house that cheap is not exactly going to be in best area.

City centres tend to have people around all the time, good street lighting, CCTV, excellent public transport so you don't need to run a car and you are well 'above' any trouble in a flat. Here we have no house burglaries, crime is mostly shoplifting and drunk and disorderly, but not on my 'patch' because the pubs and clubs are a little way away. Here it is much noisier in the day (buses) than at night.

Another option is to purchase a flat or leasehold house at auction with a shorter lease than is mortgageable, then save up like demons to extend the lease after two years when you acquire the right to. At auction and non mortgageable length of lease should mean the competition and therefore price is relatively low. But the shorter the lease the more expensive it is to extend the lease so do your maths.

thegirlintheattic

Some properties in the more run down parts of Cumbria can get that low - look in the Botcherby area of Carlisle, and down the West Coast (Maryport, Siddick, Flimby, Whitehaven, Workington and the surrounds). The upside is that these areas are generally very safe, just deprived. However at that price they are going to require some investment to do them up.

Have you considered shared ownership?

Fire_Fox

:beer:We could club together and purchase the MSE pub! :beer:

"OWNERS ACCOMMODATION
Situated over the first floor and comprising, 3 bedrooms, lounge, bathroom and WC.

EXTERAL
There are 2 car parks for 20 vehicles and 6 vehicles. Two lawned beer gardens, one to the side with tables seating 30 and one to the rear with a children’s play area seating 50 persons. There are numerous outbuildings including 2 stables and four large storage areas with a 1 acre paddock to the rear." :beer:
http://www.rightmove.co.uk/commercial-property-for-sale/property-22183350.html


OK who posted that link and then deleted their post??????????????

ognum

If you are self employed, work at home and need speedy Internet access be careful in your choices.

Anarchist

Something doesn't sound right with this.

Why is a mortgage out of the question? Are you fugitives? Or illegal immigrants? Or benefits cheats? something worse?

Then get a mortgage. £35k will most likely get you a house where your children will grow up in prostitution, drugs, and/or gang culture.

Harsh truth, sorry.

kloana

Anarchist wrote: »

Why is a mortgage out of the question? Are you fugitives? Or illegal immigrants? Or benefits cheats? something worse?

Love the theories, but probably something to do with them both being very freshly self-employed?

I'm also pondering the debt angle. Severely bad credit history, despite having paid off debts?

OP there are many places in the north of England where you may be able to buy a house outright, for your 35k budget. However, it'd be likely to be dilapidated, situated in a very undesirable area, or both.

And if it's not any of the above reasons, please satisfy our curiosity as to why you think a mortgage is out of the question?

Even a small mortgage on top of your 35k budget could open many more doors as to the quality, condition, and location of the property you desire. 35k is a lot of money to spend on something naff. A house should be a home, first and foremost

Anarchist

kloana wrote: »

Love the theories, but probably something to do with them both being very freshly self-employed?

I'm also pondering the debt angle. Severely bad credit history, despite having paid off debts?

OP there are many places in the north of England where you may be able to buy a house outright, for your 35k budget. However, it'd be likely to be dilapidated, situated in a very undesirable area, or both.

And if it's not any of the above reasons, please satisfy our curiosity as to why you think a mortgage is out of the question?

Even a small mortgage on top of your 35k budget could open many more doors as to the quality, condition, and location of the property you desire. 35k is a lot of money to spend on something naff. A house should be a home, first and foremost

I had thought about that option, but if that were the case I'd just keep saving for a couple of years, then still get a mortgage.

It doesn't have to be a lot. Even a £35k mortgage which would be extremely cheap to pay back, would open so many more options for a house in a half decent area.

Im also slightly confused about how you've got good savings but bad credit history. Unless it involves either inheritance, theft or fraud!

I'd love to be shown an alternative though