Trying to figure out how to get a house

Vickyh

We want to move to clacton on sea- however we would not be able to get a mortgage for the new build that we were hoping for as they are round £185k.

Using moneysupermarket- if we save £15k we could borrow enough for a terrace in the same area roughly £110k

Would we after be able to get a loan to help us do up / furnish or is this something that would be veto'd straight away?

Just trying to figure everything out!

kingstreet

Chances are you will find it very difficult to get a loan straight after completing a house purchase.

Vickyh

How long would we have to wait? i could close my eyes to dodgy decor.

We would have to go for something livable due to having a son.

_Andy_

Trust me from experience - the last thing you want to do is enter into a huge amount of debt with the mortgage AND then get a loan straight away. Not a great way to start your new home

Froggitt

Buy house. Earn money. Spend money earned on doing up house.

Prothet_of_Doom

Here's a tip.

When we bought our solid but horridly nasty house, I spent £100 on White Emulsion, and painted over the old paper, in 2 days.

I also spent £1000 and 6 days on the kitchen, 300 on laminate and 2 days on the ground floor flooring, and £3K on the upstairs windows.

We COULD have lived happily in the house, and saved up over the 1st 2 years to do those things.

Over the next 15 years we've spent £20K (not including the loft conversion,) on various improvements and fixes, and the like.

In the first few years £100 on paint would have been all we really needed to spend.

My tip : Just move in and start to save. Learn to DIY and always ask if there is a cheaper way.

Vickyh

Hi

We wouldn't be looking for a place to rip out - we do not have the guts to do such a thing.

But if we wanted to get a loan to help us towards a kitchen or a bathroom- around the £5k mark how long would we need to wait for such to be approved?

EDIT: Prothet of doom - ok thats something i would consider....

kingstreet

No way of telling.

You are altering your credit profile extensively with a change of address and a new credit account. Trying to estimate a possible timescale is about as reliable as...?

Six months?

Pure speculation, TBH.

Vickyh

I was thinking years tbh!

I was thinking of living somewhere year to 18 months before doing anything major.

Again would depend of so many variables.

Just really trying to see what can we afford and what we are prepared to do to get it.

Thank you for your help

CLAPTON

maybe telling us what you earn and whether you have any debts would be useful

Vickyh

Well

Husband is currently earning 24k before tax, and i am a SAHM- we have one credit card and an overdraft- these will both be cleared before savings commence (and total £1200).

We live in south east London in a private rental- all money is gone from rent and bills.

Husband is looking for a job in clacton and surrounding areas (for the same wage). Once this happens we are moving into my in laws for a minimum of 1 year and can save 15K- we would also be selling everything we own to raise funds.

By moving to clacton, we will have childcare through the grandparents and enable me to get a job which would go into the savings pot (possibility we can save more than 15k- projection of saving £1k plus what we have sold)

So as you can see we are looking to sacrifice a lot to get our own home.