Need motivation or encouragement or advice

Mortgage2015

enjoyyourshoes wrote: »

Search out for houses below market price (bank repossessions) ex council, poor neighbours house quality, poor decorative/condition etc

The only houses I can see that are advertised below market value are ones up for auction. The thought of an auction intimidates me a little. The never have photos online either which makes me think the house is in a right state, is that a wrong assumption?

enjoyyourshoes wrote: »

Your extended family certainly are very helpful and supportive, staying with Mr & Mrs M & D will provide a great opportunity for you to research the property market and mortgage market, use this website to identify pros and cons of each mortgage type, so when you find the house that meets your bill then you can proceed with confidence.

I know I'm very lucky, thanks

enjoyyourshoes

Auction may not be right for you as you have 10% deposit on the day and 28 days to pay the remaining !


So land searches building surveys all have to be completed before the auction day, thus incur costs thus may not get house at auction -= loss money.

Mortgage2015

enjoyyourshoes wrote: »

Auction may not be right for you as you have 10% deposit on the day and 28 days to pay the remaining !


So land searches building surveys all have to be completed before the auction day, thus incur costs thus may not get house at auction -= loss money.

So my being intimidated was right, auction is not for me. Sounds like its only made for businesses?

I was just looking at an auction house on Zoopla, "go to website for more details" and the house wasn't even listed on their website :T

Thrugelmir

Mortgage2015 wrote: »

Houses are really expensive in the area I live, 160k was the cheapest house I could find. Apartments in the exact area I want are much the same as they are newer and have more bedrooms than the old terraces but there are 1 bed apartments slightly further away going for 120k, what put me off them is the commute and the fact a friend of mine wants to be a lodger.

Faced the same problem over 30 years ago. Moved 15 miles from home and lived in 2 bed flat for just over 3 years. As my home town was simply unaffordable at the time. That was with 2 wages as well. Everyone has to start somewhere.

ViolaLass

I think you should focus on increasing your income, because that's going to help with how much you can borrow, which is a sticking point at the moment.

Are you in a career where decent increases are possible? (You only mention being able to get one in three years but not what the job is or what you need to do to get the increase). Is it worth trying a different job? Getting training or a qualification? It could make a bigger difference in the long run.

MallyGirl

Thrugelmir wrote: »

Faced the same problem over 30 years ago. Moved 15 miles from home and lived in 2 bed flat for just over 3 years. As my home town was simply unaffordable at the time. That was with 2 wages as well. Everyone has to start somewhere.

Same here - worked in Oxford but had to buy a flat in Didcot (and a repo at that) to get me started. My £42k mortgage cost me £420 pcm in interest alone back then but it was still cheaper than renting. The endowment, such as it is, matures next year I'll treat myself to a pint as it won't buy much more

ACG

£200 a month!

When I was your age (im only 30 now so not exactly bobbing on just yet) I used to spend near enough that over a weekend or 2... definitely a bank holiday weekend! And I used to drink in student areas where it was £1 a pint a lot of the time... Pound a pint! greatest idea ever when I was 20-25.

amnblog

Your grandfather could buy a property now on a buy to let mortgage.


He wont need to rent it out as you cannot live there.


When you are ready you could buy it off of him at below market value with any increase in the value forming part of your deposit.

HanTon

Good luck with obtaining your own home. I know how it's difficult.

Mortgage2015

amnblog wrote: »

Your grandfather could buy a property now on a buy to let mortgage.


He wont need to rent it out as you cannot live there.


When you are ready you could buy it off of him at below market value with any increase in the value forming part of your deposit.

Hi do you mean he won't need to rent it out because I can live there?
Because if I couldn't live there he'd have to rent to someone else to pay the mortgage?

If I did live there I wouldn't mind paying rent because wouldn't not paying rent and saving instead violate the BTL mortgage? Or do the lenders not care once they're getting their mortgage payments?