When to Buy (advice please!!)

Smodlet

I agree with all of the above but there are other eventualities to consider:

How do you know what your situation will be in 2 years' time? GF might be still in the picture, she might not. This is in no way intended as a slur of any kind on your relationship; it is merely the observation that none of us can see into the future, certainly not 2 years into it.

How do you know the location(s) you like or can afford now will still be viable 2 years hence? Anything can happen; house prices could fluctuate wildly.

Until you find a property you want to buy, you will have no idea of its condition or of what it might cost to bring it to the standard you require.

Sorry to sound all doom and gloom; my intention is purely to bring certain things to your attention which may or may not have occurred to you. I have saved the worst until last: How do you know you will just walk into any job, let alone one which pays £35k?

No mortgage company is going to lend based on what you think you deserve: They will require proof of earnings for at least the last 3 months, I believe so, unless you do want to buy now, while you have a job and can provide this proof, I would forget all about buying until you have been in a civilian job for at least that length of time.

Having a plan for your future is fine; trying to instigate it 2 years in advance may be inadvisable. Someone suggested lodgers living with your GF; how do you know she would entertain this idea? Have you asked her? I think you have a great deal to consider, OP but I would just save as much as you can and deal with the practicalities when it is practicable to do so. HTH and good luck.

Mutton_Geoff

DELETED USER wrote: »

someone I’ve just spoken to has told me that I should buy as soon as I have a big enough deposit so I don’t miss out on capital gains

Is the person you spoke to aware of the stagnant nature of the UK property market in most regions at the moment?

[Deleted User]

Thanks all for the replies. I guess I can only plan based on what my intentions are now and how I see things going. Me and my girlfriend could split up in that time, one of us could die in that time, anything could happen but we feel we have a really strong relationship so fingers crossed it all keeps going good. We’re hoping to buy in the south west which isn’t the cheapest option but it’s where I am from and where we both hope to move to. With the civilian job i’m feeling quite confident, i’ve been on a course 3 times and I have twice been offered a job by the place I want to work at but the timing wasn’t right to take it so hopefully they’d still be willing to take me (plus I am perfectly qualified to do it with decent experience). I’d be living at home with my parents for 12 months before any mortgage application anyway to give myself that 3+ months. And we’re hoping for a new build (or nearly new build!!) so hopefully most it will need is a splash of paint and maybe a few other bits. Also the house prices could fluctuate but i’m hoping by saving £47,000+ I will still easily be able to put a deposit down for a mortgage.

But nothing is certain, we could all get wiped out by a meteor strike tomorrow, I could get run over, the girlfriend could marry Brad Pitt, just got to hope everything goes to plan

Smodlet

Well done for that last post, OP. It reminds me of another poster's signature if I may quote?

"An optimist sees a glass half-full; a pessimist sees a glass half-empty. An engineer just sees a glass twice as big as it needed to be."

TrushTush

davidmcn said:

Irrespective of insurance, it's a normal mortgage condition that you're using the property as your principal residence. Which clearly you're not if you have no plans to move in for two years.

I know I am late to this, but just pointing out that this rule does not apply to those in the Froces (providing you do not own another house) Forces accomodation does not count as your primary residence, the house you own, whether you live in it or not, is classed as such. [That said, don't buy a house and just leave it empty, I think you had the right idea with waiting until you are out [DELETED USER] ]