First time buyer with low earnings

Sahmed660

You want to be careful with reserving new builds. They usually ask for affordability to be assessed by an FA/MB or have a DIP in hand before they will accept a reservation

csgohan4

bare in mind that banks take into account the now, not the future, if you are not in your higher paid job at the moment, they won't take your word for it and generally need to be in it for a set number of months too.

Bare in mind also that new build's now a days have suspect quality. make sure you research the developer

armchaireconomist

Lot's of ifs, buts and whens in there. What's to say 2 weeks into your job they decide they don't want you, you don't find another and your parents are left to pay your mortgage?


Don't run before you can walk...

dk5294

Not related to the mortgage BUT my mum bought a new build to rent out whilst she enjoyed life. 5 times we've have to involve the builder for different things. Lastly the house sinking due to it needing repinned. Now you could say she's unlucky, but a friend who lives a few streets over also is suffering from a sinking house which requires underpinning. Also the structure in one of the rooms has been deemed unsafe. So needs fixed.

This is a highly known, developer who's homes are well priced and finished to a high standard. The houses are great until the cracks literally begin to show.

dk5294

Ps: I encouraged her to buy so I could buy it off her at a later date as I was desperate for one and unable to afford one at the time.

Needless to say I'm not the favourite child anymore.

Liam12345

csgohan4 wrote: »

bare in mind that banks take into account the now, not the future, if you are not in your higher paid job at the moment, they won't take your word for it and generally need to be in it for a set number of months too.

Bare in mind also that new build's now a days have suspect quality. make sure you research the developer

Absolutely, this is the problem I was trying to circumvent (with a guarantor etc). I appreciate what people are saying that I might lose my job etc, but in the situation I'm in it's unlikely. So unlikely that it wouldn't be enough to put me off. Sure, things can (and do) go wrong, but that in itself wasn't a big enough worry for me.

I had some bad news regarding the property I was most interested in anyway, as they are unable to offer parking (it's an apartment block with the parking sold separately), so things will be put on hold for a little while now anyway.

I appreciate the advice from you all though