Really confused about what I want :(

MFWannabe

danlightbulb said:

MFWannabe said:

danlightbulb said:

MFWannabe said:

danlightbulb said:

I fear this all could be for nothing anyway now, as it looks like there are still very few 10% deposit deals available and the rate is far higher on them. My previous deal was with HSBC, 90% LTV at 2.09% fixed for 2 years. HSBC have a new minimum of 15%. I simply don't have 15%, it would cut my max purchase price from £190k down to circa £150k.

Why would it have to be with HSBC? 
Go to a good broker and ask if there are any 10% deals around 
When you say rates are far higher how much are they? 
We had a much higher rate to start off with because we really wanted our own house and to stop throwing money away on rent but now it’s come right down 

Im waiting for my L&C broker to come back to me with an appointment. But from using some comparison tools it looks like its gone from 2.09% up to 2.65%. That's adding about £60 per month on £190k, or £40 per month on £160k. It perhaps doesn't sound like much but all these little extra bits eat into your budget don't they.

Yes it does but you have to be realistic or do you want to carry on renting for ever and throwing your money away when you could be paying off your own mortgage on your own property? 
theres only so many times we can keep saying the same things here! 
It boils down to ultimately how much you want to own your own home and only you can answer that 
The property at 160k ticks almost all the boxes and you can comfortably afford it. Also gets you on the property ladder! 
When we got out first property the interest rate was higher than the above but we REALLY wanted our own home so was worth it! 

Yeah it just adds another dilemma though doesn't it. Covid is going to screw over alot of people probably. If it has caused my costs to go up (higher rates, less availability of mortgages, bigger deposits), and coupled with still increasing prices....crazy. The timing is just really poor from my point of view, if I wasn't 40 and worried about the mortgage term issue, I'd probably wait and see what shakes out re covid. 

You’re not old at 40, for example I was 44 when I bought my first property and I’m sure I’m not on my own or the oldest! 

Crashy_Time

MFWannabe said:

danlightbulb said:

Crashy people hate my thread enough as it is without you joining in lol. The whole situation is a mess. There is just too much risk, in any choice.

The response to Crashy is your best response so far! 😂🤣

Most people just respond to media sentiment.
https://www.mirror.co.uk/money/house-prices-start-fall-1505-23016461

danlightbulb

Cant do much else for now anyway. I've asked my broker for an appointment to find out where the land lies, and I've asked for viewings on a couple of houses.

Putting in 15% would be an option but that would force me into £160k or less, pretty much, because I don't want to spend everything I have on a house deposit. Its still taking most of it at £160k /15%.

Atlas234

Crashy_Time said:

MFWannabe said:

danlightbulb said:

Crashy people hate my thread enough as it is without you joining in lol. The whole situation is a mess. There is just too much risk, in any choice.

The response to Crashy is your best response so far! 😂🤣

Most people just respond to media sentiment.
https://www.mirror.co.uk/money/house-prices-start-fall-1505-23016461

Not exactly a huge fall though is it, down 0.5% on last month but still 6.3% higher than this time last year

MFWannabe

danlightbulb said:

Crashy people hate my thread enough as it is without you joining in lol. The whole situation is a mess. There is just too much risk, in any choice.

There isn’t t too much risk, you just need to work within budget IF you really want your own property
nice properties within 1/2 mile of DY4 at lower end of budget:  
https://www.rightmove.co.uk/properties/86386739#/
https://www.rightmove.co.uk/properties/73156593#/

danlightbulb

MFWannabe said:

danlightbulb said:

Crashy people hate my thread enough as it is without you joining in lol. The whole situation is a mess. There is just too much risk, in any choice.

There isn’t t too much risk, you just need to work within budget IF you really want your own property
nice properties within 1/2 mile of DY4 at lower end of budget:  
https://www.rightmove.co.uk/properties/86386739#/
https://www.rightmove.co.uk/properties/73156593#/

Hmm the second one is ok i guess. Its a bit small though because they have chosen to give more space to the kitchen diner than the living room. There might be some others similar, I'll have a look.

The first one is no good, again due to mines in close proximity they are saying 30+% deposit.

AdrianC

MFWannabe said:

You’re not old at 40, for example I was 44 when I bought my first property and I’m sure I’m not on my own or the oldest! 

Mortgage options do become more limited as term starts to pass retirement age, though.

MFWannabe

AdrianC said:

MFWannabe said:

You’re not old at 40, for example I was 44 when I bought my first property and I’m sure I’m not on my own or the oldest! 

Mortgage options do become more limited as term starts to pass retirement age, though.

Yes definitely true 
My budget was lower than ops and a 20 year mortgage 

MFWannabe

danlightbulb said:

MFWannabe said:

danlightbulb said:

Crashy people hate my thread enough as it is without you joining in lol. The whole situation is a mess. There is just too much risk, in any choice.

There isn’t t too much risk, you just need to work within budget IF you really want your own property
nice properties within 1/2 mile of DY4 at lower end of budget:  
https://www.rightmove.co.uk/properties/86386739#/
https://www.rightmove.co.uk/properties/73156593#/

Hmm the second one is ok i guess. Its a bit small though because they have chosen to give more space to the kitchen diner than the living room. There might be some others similar, I'll have a look.

The first one is no good, again due to mines in close proximity they are saying 30+% deposit.

Second one small? There’s only you, you’ve said you don’t have visitors ever! So what does it matter? As long as it works for you! 

Tiglet2

These are cheaper properties in your detailed drawn area on Rightmove.  Might be worth viewing.
https://www.rightmove.co.uk/properties/73760262#/
https://www.rightmove.co.uk/properties/78425198#/
https://www.rightmove.co.uk/properties/92646506#/
https://www.rightmove.co.uk/properties/74892636#/
https://www.rightmove.co.uk/properties/74578401#/