Need to find cheap BidSit

booksurr

toomsie wrote: »

Would help-to-buy help me if not, what minimum wage would you think I would need to get cheap studio flat.

rather than ask factual questions for which the answers are readily available if you can read results via google ( http://www.helptobuy.org.uk/home ) why not do your own research then ask questions about understanding rather than lack of knowledge

you have stated you are not willing to cash in your insignificant savings of £7K. The rest of your questions about buying anything are irrelevant as no one offers 100% mortgages any more and by the time you've paid associated purchase fees what would be left of your £7k would not be considered a deposit, it would merely be a small contribution towards something mundane like a car purchase loan, not a house loan.

I posted examples of the cheapest available flat prices earlier, use Rightmove and research your market. Your problem is both no deposit and no income. Please be realistic. At age 42 you will struggle for the rest of your working life if you buy, especially if you get a "normal" 25 year span on a mortgage. Get a 30 year mortgage and you'll still be paying it whilst a pensioner (if they let you go that long) and be unable to keep up the costs of running the property as all your money went on paying the mortgage instead of building savings for retirement.

Voyager2002

toomsie wrote: »

Would help-to-buy help me if not, what minimum wage would you think I would need to get cheap studio flat.

'Help to Buy' only reduces the deposit needed, and you do not have a high enough salary to service a mortgage on even the cheapest property in your part of the country.

Best advice: get well away from London, and either find some kind of a job where rents are lower or go full-time on your business.

PasturesNew

toomsie wrote: »

...selling books on Amazon ...

Have you considered selling "get rich quick" books .... and reading them before you sell them?

:P

Bollotom

Have you thought about shared ownership? :cool:

Dird

toomsie wrote: »

Would help-to-buy help me if not, what minimum wage would you think I would need to get cheap studio flat.

Given the fact you're quite old and someone linked to a scruffy £160k bedsit, probably £40-50k. I guess you don't pay tax on the Amazon earnings? If so I wouldn't be mentioning it to a mortgage company.

Why the obsession with SE? Are you visiting family regularly? In Birmingham you could get a 3 bed house for £75k. We also have car boot sales. I assume they have them further north too where houses could be even cheaper. If you lived somewhere outside of Birmingham (but within a reasonable commute) you could get a terraced house for £40-60k

toomsie

PasturesNew wrote: »

Have you considered selling "get rich quick" books .... and reading them before you sell them?

:P

I read rich dad poor dad unfortunately the unofficial inflation eat saving. Unfortunately, I am doing well with someone with learning difficulties, apparently. I always get,'do you own a Car'. I answer 'Yes I can own a car. Its a car not a damn plane. I am not a complete retard'.

davetrousers

toomsie wrote: »

. London is where the car boot sales and frith stores are.

Thrift stores?

booksurr

toomsie wrote: »

I am not a complete retard'.

then move on to the next level of personal development and recognise your own limitations in terms of what is reasonable to aspire towards in life.

Owning a property in Sutton and its immediate surroundings on a salary of 16K, plus unsubstantiated income from self employment, is not one of them.

Move somewhere cheaper because at age 42 with no meaningful savings you are never going to be able to buy in the SW of London or accept you will be renting and decide if you want to pay more for a better place than you currently have

booksurr

ViolaLass wrote: »

booksurr - how helpful of the article to use both mean and median! I'm sure it wasn't chosen in order to help the writer make/exaggerate a point.

indeed. Perhaps we should ask for the standard deviation so we decide ourselves?

Pixie5740

If you used the HTB Mortgage Guarantee scheme using your £7k as the 5% deposit then that would give a purchase price of £140k except you're not going to get a mortgage of £137k on your current income.

You'd need to use some of your £7k savings on costs associated with buying so perhaps a more realistic deposit would be £5k. That would give a purchase price of £100k. A £95k mortgage might be achievable on your income if you have accounts and can provide SA302 as proof of earnings from your Amazon business.

I had a look on Righmove for properties £100k and less*. At first I thought there was a lot available and then realised most of them were garages for sale. There are a few houseboats but I believe they can work out to be quite expensive to maintain once you've factored in things like mooring costs. There are a couple of shared ownership properties and one or two 1 bedroom/studio flats for sale but I don't think they're in the areas you specified.

*in London