Help... am I being realistic?

Exodi

Looking through the numbers of this;

Have you had an AIP from a bank? Reason I ask is that on a salary of £31,654, a mortgage of £155,000 for a sole applicant will be at the top end of most lenders (and this may only be available over a longer term).

You mention you had your house down-valued by £18,500 which you intend to subsidise with your deposit, have you considered the possibility of reaching a compromise with the lender to share this deficit? It may save a lot of time in the long run should you be unable to secure a mortgage.

EDIT: Sorry, I see from your estimated mortgage payment you intend for the term to be 40 years already. You should find lenders to be more lenient because of this (lower affordability criteria, more interest, win win for them).

davidmcn

Exodi wrote: »

You mention you had your house down-valued by £18,500 which you intend to subsidise with your deposit, have you considered the possibility of reaching a compromise with the lender to share this deficit?

If this is what you meant to type, I think you'll need to explain more.

Also note that it isn't "down-valued", the property has already been valued in the Home Report before being marketed - it's the OP opting to over-pay due to it being a competitive bidding situation.

Exodi

davidmcn wrote: »

If this is what you meant to type, I think you'll need to explain more.

Also note that it isn't "down-valued", the property has already been valued in the Home Report before being marketed - it's the OP opting to over-pay due to it being a competitive bidding situation.

Apologies, I had misread the OP as having an offer accepted on the property and the subsequent valuation down-valuing the property. Also meant to put Seller and not Lender if that was the case (which it isn't)!

Apologies for confusion, I shouldn't post in the morning.... I think the OP should see that they get an AIP from a bank (in person to sanity check them) to get a general opinion on whether their intended mortgage amount is possible. I wouldn't want them to waste money on conveyancing and surveys if they can't get the mortgage in the first place.

chunkytfg

davidmcn wrote: »

No such thing as leasehold residential properties in Scotland, so no ground rent certainly, and if there are communal maintenance costs the owners tend to have better control than they do in England.
.

Every day is a school day. :beer::beer:

Thanks

scottishblondie

emilysexton89 wrote: »

About the furniture, that is a good point, that would need to come off my expenditure or assets, I had a quick look at AO and it looks like can get a fridge, washing machine and tumble drier for around £35 per month. Haven't had a chance to look at beds or sofas but I am guessing around £1,500 for that or another £35-£40 on finance?

Pop down to the British Heart Foundation shop on Dumbarton Road and you can probably pick up everything you need for a few hundred. Being as it is in the West End, a lot of the stuff is high quality and fairly new. Also check out the Glasgow Freecycle group - I got 3 leather couches in great condition a few months back.

jennifernil

If the finance on white goods and furniture carries an interest charge, you could look into getting an interest free credit card.....AFTER you have purchased the flat of course.

And as you are meantime still staying with parents, they may be agreeable to you taking your current bedroom furniture with you, they may even have other items they may be thinking of replacing and be happy to let you have to get you started.

jennifernil

emilysexton89 wrote: »

Hi everyone,

Thanks alot for your positive responses, I feel a bit better about it now.

The property is a flat. The factor charge is around £50 a month I included that within insurances so £50 factor charge, £40 life and critical illness and £10 for contents insurance.

About the furniture, that is a good point, that would need to come off my expenditure or assets, I had a quick look at AO and it looks like can get a fridge, washing machine and tumble drier for around £35 per month. Haven't had a chance to look at beds or sofas but I am guessing around £1,500 for that or another £35-£40 on finance?

check the property insurance, not all factors include the insurance in the monthly charge, you may have to pay that in addition.

MaudeLebowski

Just a wee note to say good luck!
We live in the West End now and are looking to move to a larger flat in the same area in the very near future (got viewings this weekend!) It's a totally different market to any we've encountered before.
Fingers crossed for you!

CarbonImage

Sounds very similar to my figures when I was FTB.

I budgeted £5k for all fixtures, fittings, and furniture when I moved in. This was more than enough and covered some decidedly non MSE items like a quit expensive new sofa and dining table.

I would maybe budget £2.5k-3.5k for furniture and bits and pieces depending on your taste. I'm sure you can do this with 0% cards if you don't want to use the cash.

kingstreet

Have you actually got a lender willing to lend at 4.9 x income on a 84% loan to value?