1st time buyer, can't borrow enough money

DCFC79

oli356 wrote: »

Thanks for the info, and yeah I think what has become apparent is that I'm underestimating how much I could afford, especially based on the mortgage 'how much can i borrow' calculators etc.

Yes speak to 2 brokers.
Some are happy to do it over the hone, some may visit you at an agreed location.



Maybe speak to a few estate agents as well, they may mention they have an in house broker.

george4064

oli356 wrote: »

Yeah, I think I probably need to speak to someone and try identify how much I could borrow, seems like the estimators on line can't be trusted and there's too many variables at play. At least then I will know where I stand.

If I was able to afford a flat but was like 2 years away from buying a house , then I think I would stay put really and save up the rest, it just makes more sense in my opinion; might write a pro/con list though. We are getting a nice new shiny kitchen at home next month and as someone who spends alot of time in there .... I'm looking forward to that :rotfl:

I was a first time buyer end of 2018 and used a mortgage broker rather than going directly with the banks. Mortgage broker allowed me time to ask questions and really understand my options, he was also able to understand my circumstances and tailor my application with the various banks to make sure I got the best mortgage possible. Brokers can use their contacts and hence speak to the bank simply by picking up the phone and direct dial, whereas if you apply directly with a bank you'll be phoning a general number alongside thousands of others.

Whilst you move up the property ladder you might not need a mortgage broker, but certainly as a FTB they're invaluable.

TLDR; get a mortgage broker, best decision you'll make as a FTB.

dan958

I moved out of my parents really nice house into a flat, and I love it.

Yes, a flat has issues such as living above or below someone, ground rent and service charges etc - but it is my home and it is great to have my own space, even when I had a great home life with my parents.

It has got me on the property ladder, and it means I can start getting equity. I don't have any plans on moving in the future. I just know that if my circumstances ever change (get a partner and we want a house), that I have the option to then sell up and get a house.

Crashy_Time

dan958 wrote: »

I moved out of my parents really nice house into a flat, and I love it.

Yes, a flat has issues such as living above or below someone, ground rent and service charges etc - but it is my home and it is great to have my own space, even when I had a great home life with my parents.

It has got me on the property ladder, and it means I can start getting equity. I don't have any plans on moving in the future. I just know that if my circumstances ever change (get a partner and we want a house), that I have the option to then sell up and get a house.

Big assumptions there IMO, especially if you bought near the peak of the market.

Crashy_Time

https://www.housepricecrash.co.uk/forum/index.php?/topic/235669-40-apr-!!!!!!-martin-lewis-warning-for-anyone-currently-overdrawn/

How many FTB`ers will be feeling the squeeze even more?

Skiddaw1

OP, you mentioned looking on the Oxfordshire side of Reading. As you've probably discovered, Didcot is quite reasonably priced and despite the reputation, I've always liked Didcot (we briefly considered moving there). There's a nice town centre, plenty of local amenities and Great Western Park is surprisingly nice. The countryside around Didcot is beautiful and very accessible and, of course, you can easily commute to Reading.

oli356

Skiddaw1 wrote: »

OP, you mentioned looking on the Oxfordshire side of Reading. As you've probably discovered, Didcot is quite reasonably priced and despite the reputation, I've always liked Didcot (we briefly considered moving there). There's a nice town centre, plenty of local amenities and Great Western Park is surprisingly nice. The countryside around Didcot is beautiful and very accessible and, of course, you can easily commute to Reading.

I think it was Wantage I had also looked at and had better prices. Admittedly I have no idea what the area is like and what is there, but I typically avoid town centres anyway .. most shopping is done online or infrequently in towns.

Crashy_Time

Easy to drive/walk around?

Skiddaw1

oli356 wrote: »

I think it was Wantage I had also looked at and had better prices. Admittedly I have no idea what the area is like and what is there, but I typically avoid town centres anyway .. most shopping is done online or infrequently in towns.

Wantage is a bit cheaper (I became a bit of an expert on house prices in your area ) because it's not as well connected (there's a regular bus service to Didcot one way and Oxford the other but it takes a while and there's no railway station). On the plus side, Wantage is very pretty- classic wee market town and right up on the Downs.

oli356

Skiddaw1 wrote: »

Wantage is a bit cheaper (I became a bit of an expert on house prices in your area ) because it's not as well connected (there's a regular bus service to Didcot one way and Oxford the other but it takes a while and there's no railway station). On the plus side, Wantage is very pretty- classic wee market town and right up on the Downs.

Good to know, thanks.
Don't think I've taken a train or bus from my town in over 7 years! I suppose it should be a consideration for re-sale however as whilst I don't mind driving and have a car, not everyone obviously does ....