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

Bucki

Crashy_Time said:

Sounds like the house is overpriced (very little surprise there really?) and that you are stretching beyond your means during an obviously crazy property bubble with the backdrop of the worst economic conditions in living memory (very bad combination IMO) Are you prepared to lose money if you have to sell? Are you prepared for sudden and sizeable mortgage rate rises?

When you been through a mortgage I guess you gain experience which I dont have.

As per properties, apparently you never loose on selling properties as they always increase.

I admit, I was trying to make a living on a £500 per month on left over after mortgage/expenses.

[Deleted User]

Bucki said:

Crashy_Time said:

Sounds like the house is overpriced (very little surprise there really?) and that you are stretching beyond your means during an obviously crazy property bubble with the backdrop of the worst economic conditions in living memory (very bad combination IMO) Are you prepared to lose money if you have to sell? Are you prepared for sudden and sizeable mortgage rate rises?

When you been through a mortgage I guess you gain experience which I dont have.

As per properties, apparently you never loose on selling properties as they always increase.

I admit, I was trying to make a living on a £500 per month on left over after mortgage/expenses.

Yes. The best way to learn is to go through the experience. I believe when you have bought a house and are paying off the mortgage, you'll be grateful you didn't stretch yourself too much. Good luck!

Bucki

SDLT_Geek said:

Tiglet2 said:

Were you previously known by the name of danlightbulb?

I can see the similarities too!

Sorry, I thought you are trying to take the mick.
No, I never was here with other names and there is no reason to be with a different account.

hazyjo

Bucki said:

Crashy_Time said:

Sounds like the house is overpriced (very little surprise there really?) and that you are stretching beyond your means during an obviously crazy property bubble with the backdrop of the worst economic conditions in living memory (very bad combination IMO) Are you prepared to lose money if you have to sell? Are you prepared for sudden and sizeable mortgage rate rises?

As per properties, apparently you never loose on selling properties as they always increase.

Only very long term. You might own one for over 10 years and it be worth less than you paid. You can never guarantee they'll increase, especially if the area's not too good to start with. Some posters are saying their houses are still worth less than they paid before the start of the crash in 2008 ish.


(Crashy, please don't give me your approval 🤦🏼‍♀️)

SDLT_Geek

Bucki said:

SDLT_Geek said:

Tiglet2 said:

Were you previously known by the name of danlightbulb?

I can see the similarities too!

Sorry, I thought you are trying to take the mick.
No, I never was here with other names and there is no reason to be with a different account.

OK, no offence intended.  Good luck with your property hunt.  

A good start would be to get the money you are to be gifted into your bank account and to have ready evidence to show the sources are legitimate.

That should get you off to a better start.

Bucki

Thanks for your advise guys.
It slowly sinks in and realise that I was being toooooo ambiguous.

Maybe I could make a living on £500 per month but lenders won;t give the money I cannot backup by income/employement.

One thing I am struggling now is to find a free broker who can go through the nitty-gritty stuffand identify how much I can afford etc.

MobileSaver

hazyjo said:

EVERYONE always wishes they had another 50k or so. We all compromise, even with larger budgets.

^ This is the most important thing you can take away from this thread.

I bought a £1M dream house and there were compromises that I know others here would not have been able to live with.

A friend of mine bought a £2M property just a few miles away from me and I would not have been prepared to accept the compromises he had to with that property.

As @hazyjo said, it doesn't matter how much you can afford to spend, you will always have to make some sort of compromise.

MovingForwards

hazyjo said:

SDLT_Geek said:

Tiglet2 said:

Were you previously known by the name of danlightbulb?

I can see the similarities too!

Also wondered, seemed very familiar, but forgot the name.

You've referenced him three times and now he will appear!

Totally different person as that one had a lot of historical baggage, which is probably still being carried, together with the piano.

OP you won't get the size mortgage you want, taking one a 2nd job will have lenders see straight through your plan, gifts from outside of parents, grandparents and siblings are not acceptable, loans are not acceptable by a lot of lenders.

Keep saving, keep looking, look outside the immediate area where properties are cheaper. Those of us on lower incomes and without help from bank of family have to compromise.