Need to buy before March 16 - when to look?

GoldenShadow

Hi

My contract means our window to buy is before March 2016 (year left on contract). We would need to be signed/sealed/done before the end of that month in order to get a mortgage.

Living and looking to buy in a home county. Property moves well usually. With our timescale in mind, when would you be actively looking and hoping to have a proper offer etc in by?

Savings wise won't have enough for a 10% deposit in the 180-200K bracket until about August. I feel like a bit of a fraud doing much before then but realise our window is tight and things can go very wrong.

Landofwood

If you are not in permanent employment you are obliged to tell your lender.

GoldenShadow

Landofwood wrote: »

If you are not in permanent employment you are obliged to tell your lender.

I know. Fixed term contract until March 2017. IFA says we have options providing we complete and are sorted before end of March 2016, so we're working to that but unsure how early we ought to be looking really...

kinger101

You'll have about £3K fees on the purchase. Is it that wise to buy when you don't have any real job security and not much deposit? If you need to sell the house to move to a new job, you'll almost certainly be out of pocket compared to renting.

GoldenShadow

kinger101 wrote: »

You'll have about £3K fees on the purchase. Is it that wise to buy when you don't have any real job security and not much deposit? If you need to sell the house to move to a new job, you'll almost certainly be out of pocket compared to renting.

Furthest area we're looking at is 1hr from zone 1 by train so close enough for London opportunities. I'm on a grad scheme but lots of people in my area spend their careers contracting with no permanent positions, it's not uncommon at all. My sector isn't niche there is lots about.

We have 14K at the mo and can save £1500 a month. 200K 10% would be 20K + the 3K. Should have that by end of September and that is top end it would have to be bloody amazing. 180K is more where I'm looking at.

kinger101

GoldenShadow wrote: »

Furthest area we're looking at is 1hr from zone 1 by train so close enough for London opportunities. I'm on a grad scheme but lots of people in my area spend their careers contracting with no permanent positions, it's not uncommon at all. My sector isn't niche there is lots about.

We have 14K at the mo and can save £1500 a month. 200K 10% would be 20K + the 3K. Should have that by end of September and that is top end it would have to be bloody amazing. 180K is more where I'm looking at.

OK, if you've got a good chance of getting similar work in your area, then I don't think you're in any more a perilous condition than someone self-employed. I was just a bit concerned because not every job sector allows you to live where you want. The real killer would be having to sell again in say two years. In a flat market, you'd make a loss just from the fees.

GoldenShadow

kinger101 wrote: »

OK, if you've got a good chance of getting similar work in your area, then I don't think you're in any more a perilous condition than someone self-employed. I was just a bit concerned because not every job sector allows you to live where you want. The real killer would be having to sell again in say two years. In a flat market, you'd make a loss just from the fees.

Yes I understand and that's a very valid point. That's partly why we'd like to buy this year. Next 5 years or so career wise it's good for me to be down here. After that I would consider moving further up north where I'm from but jobs are less good and I'd be seeking a permanent role. That wouldn't be before 2020, but I don't really want to sit there and buy something in 2018 to decide I've done my stint of contracting and want to move then type of thing. Might well stay here long term, just a thought at the moment but something that has made me consider waiting and not waiting!

Job wise I'm in Finance, currently Public Sector but not hemmed into that by any means, nor in Finance really. Options are quite broad.