Looking to buy my first property?

Jlawson118

I saved up a lot over the last few years to buy myself a new car to which became reality towards the end of 2017, and for my next big buy, I've always said I'd love to be on the property ladder.

A bit earlier than I'd planned, but there's a very nice apartment that's become available quite close to me that I'd like to view and potentially consider mortgaging.

I've had a quick look around on Mortgage calculators and First Direct's calculator and it's looking likely that I could afford to mortgage this place, even if I work part time within my job, including bills and council tax. Now I'm just trying to secure a viewing.

But I haven't got a clue on mortgages or house buying. I'm 22, quite clued up with finances after watching this forum and researching over the last few years. My credit report stands strong with high limits, and less than 10% of utilisation.

My question is, where to start?

lincroft1710

From your other posts, you appear to be suffering severe stress, are not in a well paid job, do not like the job and possibly may even lose that job. House buying is one of the most stressful life events. Proceed at your peril!

Pixie5740

Have you read the information in the sticky at the top of the board?

Jlawson118

lincroft1710 wrote: »

From your other posts, you appear to be suffering severe stress, are not in a well paid job, do not like the job and possibly may even lose that job. House buying is one of the most stressful life events. Proceed at your peril!

Yes I'm unhappy in my job and yes I'm suffering with stress at the moment. But I'm in a very well paid job, especially for the job it is, and I'm not planning on leaving it unless I've found something that's better, nor am I on the verge of losing it. Not that I know of anyway!

Jlawson118

Pixie5740 wrote: »

Have you read the information in the sticky at the top of the board?

I didn't even notice it was there before I posted this I'm having a read through now, thank you!

buglawton

The alarm bell is the word 'apartment'. Do read the lease to see what restrictions it holds. Especially beware if the freehold is owned by a rapacious freehold specialist. And of course check how many years the lease has to run, under 90 years causes raised eyebrows with lenders. If it's a shared freehold, also expect also querilous looks from lenders and delays completing the purchasing legalities.

Bass_9

Hi OP, looking at your other threads, I really think you should focus on your health at the moment, and I mean this in the kindest sense.

A house can wait, you're still very very young. Tbh I would take advantage of your youth and not tie yourself to a mortgage in a job you are not enjoying. Throw all your energy into applying for other jobs, and look after yourself. That should be your priority.

macman

Basics: you haven't told us the cost of the apartment, and what deposit you have?
If it's a block of apartments, there will be a service charge as well as the ground rent to pay.

Jlawson118

buglawton wrote: »

The alarm bell is the word 'apartment'. Do read the lease to see what restrictions it holds. Especially beware if the freehold is owned by a rapacious freehold specialist. And of course check how many years the lease has to run, under 90 years causes raised eyebrows with lenders. If it's a shared freehold, also expect also querilous looks from lenders and delays completing the purchasing legalities.

The leasehold is 971 years. I know technology is rapidly advancing but I don't think I'll end up getting to that age :rotfl:

Jlawson118

macman wrote: »

Basics: you haven't told us the cost of the apartment, and what deposit you have?
If it's a block of apartments, there will be a service charge as well as the ground rent to pay.

The cost of it is £85,000, I've worked out a quick mortgage between 20 - 25 years, paying a deposit of £10,000 - £15,000 it worked out between £300 - £400 per month. Which at this moment in time I'm paying my mum £150 per week board and £300 into my FD Regular Saver that has almost matured

Jlawson118

Bass_9 wrote: »

Hi OP, looking at your other threads, I really think you should focus on your health at the moment, and I mean this in the kindest sense.

A house can wait, you're still very very young. Tbh I would take advantage of your youth and not tie yourself to a mortgage in a job you are not enjoying. Throw all your energy into applying for other jobs, and look after yourself. That should be your priority.

One thing that's on my mind a lot at the moment is stress at home I've come to realise. I'm not sure if you've been through the whole of my last thread regarding stress at work & home but I'm struggling quite a lot at the minute dealing with my parents constantly at each other's throats. There's issues involving my step-dad with a drinking problem and my mum recently grieving/menopausal I think.

I was planning on looking for somewhere in the new year anyway. I took out a 0% BT card with First Direct that I paid a very expensive bill off in March this year, and worked out a monthly plan which will take the balance to £0 by February. Which is when I planned my Regular Saver to have matured, that debt to be cleared and generally in a very good place financially. Although I've just seen this property and it seems perfect for me. It's closer to my job, easier access to the main roads (especially in the wintery months) and has a garage meaning my car insurance could be significantly lower.

I'm starting to think a little more independence for myself would definitely be worth it and would just allow me to have that bit more freedom