We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Should we take the leap and purchase?
charlotte1994
Posts: 854 Forumite
Hi all,
My boyfriend and I have about £13,000 saved up for a deposit. I have seen a 2 bedroom house near to where we live now which is £68,000. Using the on-site mortgage calculator we have enough of a deposit. We are currently renting a 1 bedroom house for £400 a month. It will be cheaper to buy the house, but we will also have things like repairs and boilers to think about and pay for ourselves. However, since the mortgage (in theory) would be cheaper in monthly payments, I could save this money for any emergencies. We also have money stashed away to pay for the estate agent and solicitor fees - but I am not sure how much this would cost, what is the average cost for fees? There are houses for a similar amount in this area so it's not a one off cheap house, thankfully.
How did you find getting onto the property ladder? Is it a hard transition from renting?
I am thinking to stay and rent for a while longer, saving up and keep gaining interest on the deposit in the ISA. Any advice would be much appreciated!
My boyfriend and I have about £13,000 saved up for a deposit. I have seen a 2 bedroom house near to where we live now which is £68,000. Using the on-site mortgage calculator we have enough of a deposit. We are currently renting a 1 bedroom house for £400 a month. It will be cheaper to buy the house, but we will also have things like repairs and boilers to think about and pay for ourselves. However, since the mortgage (in theory) would be cheaper in monthly payments, I could save this money for any emergencies. We also have money stashed away to pay for the estate agent and solicitor fees - but I am not sure how much this would cost, what is the average cost for fees? There are houses for a similar amount in this area so it's not a one off cheap house, thankfully.
How did you find getting onto the property ladder? Is it a hard transition from renting?
I am thinking to stay and rent for a while longer, saving up and keep gaining interest on the deposit in the ISA. Any advice would be much appreciated!
0
Comments
-
I suppose the key questons are:
Are you confident in your relationship
Are you planning on having children
If not and you can afford it, go for it.0 -
OscarFoxtrot wrote: »I suppose the key questons are:
Are you confident in your relationship
Are you planning on having children
If not and you can afford it, go for it.
Yes! We are talking about getting married. No children planned yet for at least 5 years!0 -
charlotte1994 wrote: »Yes! We are talking about getting married. No children planned yet for at least 5 years!
Both have secure jobs - ie more than two years with the same employer?0 -
You only pay Estate Agent fees if you're selling.
Ring a couple of local solicitors firms in your area to get an idea of conveyancing fees.
Renting vs buying - it's like anything in life, there are advantages and disadvantages to bothe and everyone's personal circumstances are differentEverything will be alright in the end so, if it’s not yet alright, it means it’s not yet the endQuidquid Latine dictum sit altum videtur0 -
charlotte1994 wrote: »Yes! We are talking about getting married. No children planned yet for at least 5 years!
What about the next house you want how much does that cost, maybe it could be better to wait and save hard and buy the next step up the ladder instead.When using the housing forum please use the sticky threads for valuable information.0 -
Where abouts are you looking?Paid off the last of my unsecured debts in 2016. Then saved up and bought a property. Current aim is to pay off my mortgage as early as possible. Currently over paying every month. Mortgage due to be paid off in 2036 hoping to get it paid off much earlier. Set up my own bespoke spreadsheet to manage my money.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.4K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.3K Work, Benefits & Business
- 604K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards