Advice - FTB Being realistic

bas_iiit

Hi

I am full time employed drawing a salary of £60k (+<5k bonuses) with savings of £20k and a debt of £5k. I am based in London and have calculated rough initial costs (mortgage fee, stamp duty, valuation etc.,) based on the cost of property.

For 400k, I will need £33k
For 300k, it will be £28k
For 250k, it will be £26k (Outside of London)

It will be another 6 months by which time, I will be debt free and would have savings that meet the lowest of above (£250k property). When would be the best time (in 6 or 9 or 12 months) for me to put some serious effort into the search and buying process? The reason I ask this is based on my financial position, there could be various combinations (high interest rate mortgages, borrow from family etc.,) possible and I would like to get my expectations validated in being a first time buyer with medium to low risk.

Thanks

marliepanda

Are you buying alone? If so, a mortgage of £360k ish is unlikely, that's 6 x salary, so I can't see the £400k being likely. The 300k would be top of your budget but achievable.

Crashy_Time

marliepanda wrote: »

Are you buying alone? If so, a mortgage of £360k ish is unlikely, that's 6 x salary, so I can't see the £400k being likely. The 300k would be top of your budget but achievable.[/QUOTE]


What would be the point though? If interest rates rise - welcome to misery. Not worth stretching yourself like that for a nothing special flat in a dodgy after dark part of London. IMO.

marliepanda

Crashy_Time wrote: »

marliepanda wrote: »

Are you buying alone? If so, a mortgage of £360k ish is unlikely, that's 6 x salary, so I can't see the £400k being likely. The 300k would be top of your budget but achievable.[/QUOTE]


What would be the point though? If interest rates rise - welcome to misery. Not worth stretching yourself like that for a nothing special flat in a dodgy after dark part of London. IMO.

I said nothing that recommended nor encouraged, just that one price was out of reach, and one would be 'stretching' it.

Your own opinion is your own

Crashy_Time

marliepanda wrote: »

Crashy_Time wrote: »

I said nothing that recommended nor encouraged, just that one price was out of reach, and one would be 'stretching' it.

Your own opinion is your own

No, you said "achievable", as if it was something worth striving for.

marliepanda

Crashy_Time wrote: »

marliepanda wrote: »

No, you said "achievable", as if it was something worth striving for.

Feel free to read what you want into what I said.

kinger101

He can't afford a dictionary, what with all the rent he's paying. And there aren't any bookshelves in his bedsit even if he could.

Crashy_Time

marliepanda wrote: »

Crashy_Time wrote: »

Feel free to read what you want into what I said.

You said "achievable".

Crashy_Time

kinger101 wrote: »

He can't afford a dictionary, what with all the rent he's paying. And there aren't any bookshelves in his bedsit even if he could.

Dictionaries are on the internet now, try to keep up, and look up achievable while you are at it. :rotfl:

Windofchange

250k outside of London without a shadow of a doubt. You might even get a guest bedroom! Can you even buy anything for 300k in London? Seriously? I think I saw a nice garage near me for about that, or you could sleep in a parking space.

I am trying to convince the OH to get the heck out at the moment. Our flat would buy us a 6 bed house with swimming pool around north Kent.

marliepanda

Crashy_Time wrote: »

marliepanda wrote: »

You said "achievable".

I did. And seeing as you enjoy dictionary corner:

Adjective Edit
achievable ‎(comparative more achievable, superlative most achievable)

Capable of being achieved, which either means possible or probable.

So what exactly about 'capable of being achieved' do you think implies I think it's a good idea, or something to 'strive for'

Learn to understand and comprehend before you start typing.