Need Advise: First Time Buyer - a total newbie, confused and wanting to buy a property

theoretica

If the property market around you is moving as fast as it is in my area the house you have seen may already have a sale agreed - you need to get into a position of knowing exactly what you can afford and borrow so you can move rapidly.  But just because you have to pass on this house now doesn't mean you will never have it, or one like it.  Few people do manage to go straight to their forever home, but work their way up from what they can afford to what they really want and maybe you will get this one next time it is sold.

Redwino222

Bucki said:

@Sunsary, thanks for your concern.

@MaryNB can you a good advisor /broker on here whom I can contact asap?

@Redwino222 can I get hold of you today?

Sorry I’m not a mortgage broker.  I meant go on to the ‘mortgage broker as me anything’ thread

https://forums.moneysavingexpert.com/discussion/6190962/mortgage-broker-ask-me-anything#latest

ele_91

You’ve been given some good advice on this thread with regards to finances. I wanted to say please don’t do anything that makes you uncomfortable or is risky to get hold of extra money. There is always another house to suit your budget even if that means making some compromises.

Bucki

ele_91 said:

You’ve been given some good advice on this thread with regards to finances. I wanted to say please don’t do anything that makes you uncomfortable or is risky to get hold of extra money. There is always another house to suit your budget even if that means making some compromises.

I really appreciate each advise given.

I never thought it be such a 'struggle' to get a property.

Now I know that, it;s not as easy as people make it sound.
You live and learn,I suppose.

Surely, I am able to get a property round 150k but will require repair, be much further away etcetc.

Whereas, this one is just perfect: could easely live another 20years in it without changing anyghing.

Ah well ... sorry cant stop thinking over it.
I will need a broker to give a clear picture of what is doable and then it will probably sink in.

As of now, I am just dwelling over it, I know I know.
Hmmm will see if I can get hold of a local broker and get things started.

Cheers

hazyjo

Just to add something, it's very unusual for people to buy one house and stick with with. Most of us first buy smaller properties, possibly flats, until we can afford to move upwards.

Please don't stress about the house you wanted. Adjust your expectations, perhaps look in a different area, and something will turn up.

Nobody should be guilt tripped into giving you tens of thousands so you can buy a bigger house than you can afford. Don't beat yourself up over not saving more, you're lucky you can afford a house at all! What if they had risen to nearly double in the last 3 years as some areas did from 2013? My house price rose from 200k odd to 500k odd in 3 years. You are LUCKY. This should be the exciting bit. EVERYONE always wishes they had another 50k or so. We all compromise, even with larger budgets.

Get looking and enjoy your lovely family. You won't want to be working all the hours God sends when you have a baby. Childcare costs loads so if your wife doesn't need to go straight out to work, that's also a huge bonus.

Also, don't forget TV/Sky (if you watch it) etc in your calculations.

Bucki

hazyjo said:

....
Get looking and enjoy your lovely family. You won't want to be working all the hours God sends when you have a baby. Childcare costs loads so if your wife doesn't need to go straight out to work, that's also a huge bonus.

Also, don't forget TV/Sky (if you watch it) etc in your calculations.

Thank you very much for the kind words.
Indeed, we have had hard times past 5 years and finally we have our rainbow. (expecting).

I just wanted to have a perfect house and start 'new life'.

AdrianC

Bucki said:

@AdrianC have a question for you and seek your suggestion:

If I manage to get 100k of deposit (how, leave it to me) and it be legal.

Would I now have a better chance? or would this be suicidale and a bad move?

£100k + £30k from your parents? So £130k in total, leaving you £110k to borrow? The mortgage should be doable, just under 4x salary - it's the same as you'd need for that £190k property currently.

But where will you suddenly obtain £60k from? And can you demonstrate to your solicitor that it's legitimate?

£100k including £30k from your parents? So £100k in total, leaving you £140k to borrow? The mortgage is probably pushing it too far, 5x salary.

But where will you suddenly obtain £30k from? And can you demonstrate to your solicitor that it's legitimate?

Redwino222

I do have to say it seems odd that you can access such large amounts of money at such short notice.

Tread carefully, this doesn’t sound very legitimate.  Why would people give you such large sums of money?  You don’t earn nearly enough to be able to repay this quickly.  In fact with a new baby, and on a relatively low salary, you are looking at some lean financial years.  What do these people get in return?

Are these loan sharks?  

Bucki

Redwino222 said:

I do have to say it seems odd that you can access such large amounts of money at such short notice.

Tread carefully, this doesn’t sound very legitimate.  Why would people give you such large sums of money?  You don’t earn nearly enough to be able to repay this quickly.  In fact with a new baby, and on a relatively low salary, you are looking at some lean financial years.  What do these people get in return?

Are these loan sharks?  

I know you all have doubts and may think "oh he is dealing".

Trust me, I been working hard to save as much as I can ...

I could potentially get a deposit of total £100 and it be legitimate, most of it is my own savings from work as well as the student loan I took out ages ago but never spend as I did save up. Yep, this may sound stupid but that different topic.

Also, my dad has another plot abroad which will be sold in near future and I would have another lump sum of between 30 - 60 k of money to put forward. I could ask relative if they interested to buy it, they would transfer the money via bank - all legitimate right., they work and have income and all that. From my understand you show that the money is coming from Person A and he has an income and saving in his bank = that should not be a problem, even if they are not in the UK ,right?

Why not wait until I we get hold of the lump sump of the remaing plot?

Yep, that would be an option and francly it may work out much better but as I said, I am fixated on this property. I think advisors even say not to put all your savings in anyway.

Redwino222

I can assure you it never crossed my mind that you were a dealer😂😂😂😂