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can anyone advise me?
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onaloser
Posts: 323 Forumite
hi all, i'm in a dilema as to whether rent or buy. i'm 38 and have rented all my life due to poor finances and now debt free yay, well all bar £3,000. anyway i earn £26,000 a year and most properties around here are aprox £125,000 upwards.
i will have to have 100% mortgage and am naive where mortgages are concerned. can anyone help??
i will have to have 100% mortgage and am naive where mortgages are concerned. can anyone help??
I used to stand for something, but forgot what that could be
Dave tv fan #3
Debt £3,800 not long now
Dave tv fan #3
Debt £3,800 not long now
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Comments
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Now that you are ALMOST debt free, save the money you were using to pay off your debts for at least a year so you have a bit of a deposit."Mrs. Pench, you've won the car contest, would you like a triumph spitfire or 3000 in cash?" He smiled.
Mrs. Pench took the money. "What will you do with it all? Not that it's any of my business," he giggled.
"I think I'll become an alcoholic," said Betty.0 -
i will have to have 100% mortgage and am naive where mortgages are concerned. can anyone help??
As Guy says ... you don't have to have a 100% and you will be in a far better position if you save enough to cover a deposit AND your housebuying fees.Warning ..... I'm a peri-menopausal axe-wielding maniac
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I second what guy has just said.dolce vita's stock reply templates
#1. The people that run these "sell your house and rent back" companies are generally lying thieves and are best avoided
#2. This time next year house prices in general will be lower than they are now
#3. Cheap houses are a good thing not a bad thing0 -
Well a thanks wouldn't go amiss :rolleyes:dolce_vita wrote: »I second what guy has just said."Mrs. Pench, you've won the car contest, would you like a triumph spitfire or 3000 in cash?" He smiled.
Mrs. Pench took the money. "What will you do with it all? Not that it's any of my business," he giggled.
"I think I'll become an alcoholic," said Betty.0 -
dolce vita's stock reply templates
#1. The people that run these "sell your house and rent back" companies are generally lying thieves and are best avoided
#2. This time next year house prices in general will be lower than they are now
#3. Cheap houses are a good thing not a bad thing0 -
ok, cheers guys, i've an appt with an independant financial advisor next week to try and get my head around it allI used to stand for something, but forgot what that could be
Dave tv fan #3
Debt £3,800 not long now0 -
Blimey, just to be safe, I've thanked everyone
Please don't reply to this message as I shall need to then thank you for that reply too.
Have we all been deprived of appreciation whilst the MSE site was down???? :rolleyes: Warning ..... I'm a peri-menopausal axe-wielding maniac0 -
A financial advisor will be there to earn commission on what he can sell you.
So don't expect him to advise you on if you can afford it or if it's a good idea.
I'd say: Use £1100 of your money each month to pay off your debts soonest and save up a deposit. Do this for 1 year, at the end of which you should have a £10k deposit.
Then: keep saving at that rate and speak to a financial advisor to find out how much you can borrow.
If you can't afford to set aside £1100 every money from now, then you wouldn't be able to afford to buy/run a house anyway.
Good luck0 -
If you can afford to buy a 2+ bedroom place for the £125k that you quote, then I'd go for it and rent out the second/third bedrooms to earn you income. This should pay about half your mortgage and you've got yourself on to the ladder. You can earn rent of up to £4800 per year tax free if you live in the property yourself.
I've no idea which area you live in so you will need to decide for yourself if house prices are going to hold up.
Best of luck.
Sanjay
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