First time buyer jargon and confused!

xxtokerxx

Hi all,

I am 19, full time, good job but now been asked to move out by the mother, infact been told to move out!

But how, the cheapest property i could find where i live is £140k, is a completely hell hole, 1 bed, 1st floor flat, awful - but something i would take up if i had too.

Problem is, not sure if i can even affoard that?

I need some help, i am doing my research and contacting the housing associated and leavalleyhomes.

Can some one please help me?

I need to know the least possilbe costs per month, rent/mortgage bills etc.

Ideally i want to get everything under £500 a month, i can then still affoard my car, phone, food and cut back on social life.

Please assist, i am pulling my hair out!

movilogo

The likely mortgage for £140k amount will be closer to £1000 per month.

xxtokerxx

That seems strange, since my brother 220K is managing £700 and my sister, £320K is on £850

My mum, £370k £900..

I would be looking for a part buy scheme or something..

PasturesNew

Look for a houseshare you silly boy.
Rent.

Doozergirl

That would mean your mum, on an interest only mortgage is paying 2.9% interest (or something equally impossible).

I think you must be comparing the value of their houses to the monthly repayments, not the value of their mortgages.

Even if you went 50% shared ownership you'd be looking at around £500 for your mortgage repayments - you'd have to pay rent and service charge on top of that.

You need to rent

xxtokerxx

I am even more confused than before, i know for a fact my brother with his girl friend pay under £1K a month on their house, and that include tax, bills and their morgage

What makes me silly any way?

My mum who has nearly paid off her house pays less than £800...

Possible for some one to assit rather than just telling me to rent, i am just trying to understand this whole procedure.

Cause what your basically saying is any one under £30k a year cannot buy a house, ever!

dmg24

There is no way your brother is covering his mortgage payments and all bills for £1000 a month.

People are trying to help you toker, and you are just telling them that they are wrong. They are not!

izzybusy23

xxtokerxx wrote: »

what your basically saying is any one under £30k a year cannot buy a house, ever!

Not in this present climate, no. Why are you in such a hurry to buy?? Do you not read the news regarding house prices and interest rates? Why on earth at 19 years of age would you want to subject yourself to the stress of trying to stretch your income to buy a hell hole when you could rent and enjoy life?? Seriously, if houses downturn you will get your fingers well and truly burnt and pay for it for years to come.

Nice of your mum to insist you move out... why the hurry???

gabyjane

Hi well i'm very new to all this aswell and we are in the process of buying a house, it's S/O so will make a big difference on the repayments.

Ours has just been valued at £155k and we are only buying 40% of it, the repayments are £400 per month and then bills on top so as you can see it's a lot really but affordable for us. If we bought a house around £140k we'd be well over the £1000 per month mark! which i refuse to do tbh.

Also don't forget the insurances etc that go with them to secure you in the future we are still trying to figure out what's best!

Good luck with it all and i'm sure you will find something, we used a financial advisor and he is fab, done everything and taken a lot of the stress away, maybe you could call a few and they will help.

nicola1982_2

You're 19 - can you even anticipate how many life changes you will go through in the next 5 years? You cannot move frequently when you buy so I would not tie yourself down to a 1 bed flat. For £500 a month you'll need to rent. Interest rates may rise again so even if you found a mortage you could afford now it could still go up in a year.

Rent - there is no rush to buy.

xxtokerxx

gabyjane wrote: »

Hi well i'm very new to all this aswell and we are in the process of buying a house, it's S/O so will make a big difference on the repayments.

Ours has just been valued at £155k and we are only buying 40% of it, the repayments are £400 per month and then bills on top so as you can see it's a lot really but affordable for us. If we bought a house around £140k we'd be well over the £1000 per month mark! which i refuse to do tbh.

Also don't forget the insurances etc that go with them to secure you in the future we are still trying to figure out what's best!

Good luck with it all and i'm sure you will find something, we used a financial advisor and he is fab, done everything and taken a lot of the stress away, maybe you could call a few and they will help.

See this is the type of thing i would be interested in part ownership schemes.

I don't understand though, my mum, sister and brother have all told me the same, they all own their own properties out right in an expensive area?

Why would they tell me something that isn't quite true?

I know my brother had a total income at one stage of 1,500 (him and the missus, that covered 2 cars, 2 mobile phones, internet, housing, food and plenty of social life, try and budget that with minimum of £1k on housing, don't think he could have lived the way he did?

You people i would imagine have a better clue than me hence why i am here.

But things are clashing, needing some clarification more so on the part ownership schemes