Getting a mortgage with a partner who is self employed?

thelem

Daniyella wrote: »

Well say 5 years

Five years isn't a particularly long time to own a property for, you will probably be better off financially if you rent for that period. Consider:
a) The premium you are paying for it being a new build.
b) The cost of buying and selling.
c) What the property market is likely to do over that period - nobody knows, but it is unlikely to be much higher than it is now and could very easily be much lower.
d) Any costs that would have been paid by your landlord - buildings insurance, maintenance etc

You say that you're planning on buying an extra bedroom for a planned extra child, but if that child is conceived tomorrow then they'll be four years old in five years time, so wouldn't really need their own room (unless you've already had a boy and a girl who are old enough to need their own rooms).

leveller2911

Daniyella wrote: »

I'd still choose a new build over an old property, there is going to be a certain percentage of housing association homes on any site we choose that's just how it is nowerdays, the position on the site map is directly opposite Greenbelt land too.

New builds are overpriced, they tend to be smaller,poorly built and suffer from a low standard of workmanship(increased maintenance costs over time).The main reason people go for new builds is purely down to be new and they want "shiny" and "shiny" soon wears off .

With a little thought and work an older house can be brought up to scratch in terms of decor and will def built to a higher standard than new builds ,this together with the fact that you get a larger house with more ground makes it a no brainer ,more bang for your bucks.

Remember there are proposed changes to the Greenbelt and some will be re designated as development land.

Daniyella

I feel like I can't do right for doing wrong here, what do you suggest I do if we only have about a £10-12k deposit? And we want a 3-4 bed new build house, so are u saying that the mortgage rates are going to shoot up sky high?!

thelem

Daniyella wrote: »

I feel like I can't do right for doing wrong here, what do you suggest I do if we only have about a £10-12k deposit? And we want a 3-4 bed new build house, so are u saying that the mortgage rates are going to shoot up sky high?!

Please don't feel like you're being attacked - we're only trying to stop you from making a mistake. I think you are being very naive and blinded by the desire to own your own property, even if that is not necessarily the right thing for you at this time.

In my opinion, you should rent a two bed house for you and your child and put aside the money you're saving by doing so. Then, in a few years time when your family needs a larger home you'll have a significant deposit to put down. If you really feel you need a guest room then go for a three bed, but consider the difference in price when doing so.

When you are ready to buy, consider something built in the last ten or twenty years and in good decorative order, but not bought from the developer. That way you'll get a home built to relatively modern standards, but you'll avoid the new build premium. A good quality renovation would also be suitable, with an appropriate survey.

Daniyella

I've been renting a 3 bed house for me my partner and daughter for almost 3 years and I have paid over £20k in rent (855 a month ) my family live in Cheshire and northants so I need a spare room, I'm not downsizing to anything smaller. I am currently lay in a hospital bed after having spinal surgery so probably after this ill end off with a big wack off load of compensation which I will use as a bigger deposit anyway. But even if I do have a bigger deposit I shall still buy a new build