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Buying whilst abroad

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Hi all,

I am from the UK but currently working outside of the country. I have managed to save up approximately £40,000 towards a mortgage and would like to try and buy my first home in the UK. However I am a little relucant given what I see as uncertainty in the market. As ever it seems that house prices in the UK are going through a moderately high growth period and as such I am considering holding onto my money and building up a further reserve for a potential future slump.

I am hoping to own my home as a place for myself but whilst I am working away to potentially rent it out until I return in the future. As such I was ideally looking into places from the Cotswolds through to West London.

I guess my main question is "Is it a good time to be buying?" based upon public opinion. Any pointers / points of view / links to discussions would be appreciated as I don't want to rush into any major decisions

Comments

  • Dan-Dan
    Dan-Dan Posts: 5,278 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    40K isnt that much towards a property in the cotswolds or W London

    Although the lack of detail in what you would like to buy makes any reply almost pointless
    Never, under any circumstances, take a sleeping pill and a laxative on the same night.
  • hazyjo
    hazyjo Posts: 15,475 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    You would be very unlikely to get a BTL mortgage on your first property, or consent to let straight away. You'd (usually) have to let it for at least a year.


    There's a board to debate house prices and the economy here http://forums.moneysavingexpert.com/forumdisplay.php?f=149


    Nobody has a crystal ball unfortunately - yes, it's generally still a rising market, especially in London, but some areas have been more static/fallen slightly. That still gives you no real indication. It could boom again in a month.


    From my experience, there's been a recession every 15 or so years. Again, I can't guarantee the next one will be in 2025 or thereabouts.


    Buy a home for you - you only really need to worry about recession/falling prices if you need to sell.


    As above, £40k won't get you very far in London. Even as a 10% deposit, it'd only give you £400k or so to buy with. Sounds a lot, but it's not. You'd also need to be earning enough for a £360k mortgage which, again, is probably unlikely (c£90k-ish salary). [NB ROUGH FIGURES!)


    Jx
    2024 wins: *must start comping again!*
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