Please help me buy a home (Update on page 4)

Jami74

[iD] said:

Just here to appreciate the positive vibes. Well done everyone and all the best OP!

Thanks! I am actually in the process of applying for a job in one of the locations suggested and have even found a house I really really like the look of.

I knew one-day there would be a moment where house prices/interest rates/my savings etc would all come into alignment and it would be the right time, I was hoping it would be by the end of 2024. My plan early next year was to pay off my stooze cards and have a few months 'debt free' (currently got nearly £30k 0% debt spread across various savings accounts helping to increase my deposit  ). Is this going to be a problem? I can't decide whether I should quickly pay some off and close now in case I am in a position to make an offer on a place in the Spring, or whether to hold tight for a bit longer and reap the interest.

[iD]

Honestly, it depends on your income and what bank decides is a good amount to lend you. They will take all the debt and outgoing into consideration as well.

There was a time I had a credit card debt and was naively paying minimum. One day, used a calculator to see how long it'd take me at that rate. £8k debt would have taken around 35 years . I would have paid £22K in total to write that off as I was paying approx £200/month.
Luckily, I had some savings then. Called the credit card company very next morning to pay it all off. Never used the card again unless I really had to.

RedFraggle

Jami74 said:

[iD] said:

Just here to appreciate the positive vibes. Well done everyone and all the best OP!

Thanks! I am actually in the process of applying for a job in one of the locations suggested and have even found a house I really really like the look of.

I knew one-day there would be a moment where house prices/interest rates/my savings etc would all come into alignment and it would be the right time, I was hoping it would be by the end of 2024. My plan early next year was to pay off my stooze cards and have a few months 'debt free' (currently got nearly £30k 0% debt spread across various savings accounts helping to increase my deposit  ). Is this going to be a problem? I can't decide whether I should quickly pay some off and close now in case I am in a position to make an offer on a place in the Spring, or whether to hold tight for a bit longer and reap the interest.

If you post in the mortgage board there are brokers that will give you an opinion on how it would affect your borrowing 

Splatfoot

zagubov said:

I'm pretty sure you can find somewhere more central in England where you can get affordable housing but still get to London or other big cities with good facilities.

Look around the M1; places like MK, Bedford, Dunstable then, further north, Birmingham or maybe Leicester.
If you want to stay in the south-east,  have you checked Worthing or Portsmouth?

The cheapest house in worthing right now is  a 2 bed at £260k and needs work. 

Jami74

UPDATE - one year on:
I bought a house on the East coast for £180,000. It is a hundred times nicer/better than our rental on the South coast was and the mortgage is £200 less a month! I have settled into a nice new job that came with an unexpected pay increase and far, far less stress. My dog loves his new garden, my Uni child has visited and says the train journey is okay and my husband and other child both have new jobs too. 

Murphybear

fatbelly said:

Do your research on what size mortgage you could get.

Check your credit files and get them (and keep them) clean

Use your holidays and minibreaks to explore other areas to find out where the whole family feels comfortable.

Generations of my family have moved in a southwest direction. We' ll probably end up on the Isles of Scilly

We moved to the South West in 2004.  Most of that was in Devon.  Heaven on Earth .  We live in Dorset now, that’s pretty amazing as well 

Murphybear

ProDave said:

Yes I saw the light and smelled the coffee and left the SE of England for the Highlands where property is more sensibly priced.

And if you are in a national job, so ignoring things like London weighting, you will earn much the same up north and be able to afford a good house and have a much better standard of living.

We knew someone who lived in Exeter.  She wanted a cheaper property so moved to the Highlands.  Property was much cheaper but she hadn’t realised how much more heating bills were.  

I’d love to live in the Highlands, it is (in my modest opinion) one of the most beautiful places on Earth.  My husband says it would be too cold.  

Murphybear

Jami74 said:

UPDATE - one year on:
I bought a house on the East coast for £180,000. It is a hundred times nicer/better than our rental on the South coast was and the mortgage is £200 less a month! I have settled into a nice new job that came with an unexpected pay increase and far, far less stress. My dog loves his new garden, my Uni child has visited and says the train journey is okay and my husband and other child both have new jobs too. 

I am so pleased for you.  It’s great to read about stories with happy endings on MSE 

Sapindus

This is a great tool as a starting point for working out where you can afford to buy a house: https://www.bbc.co.uk/news/business-23234033.  Althoigh it's a bit out of date now (I don't know if they update it) but it gives you a good idea of how expensive areas are relative to each other.

Flugelhorn

Murphybear said:

ProDave said:

Yes I saw the light and smelled the coffee and left the SE of England for the Highlands where property is more sensibly priced.

And if you are in a national job, so ignoring things like London weighting, you will earn much the same up north and be able to afford a good house and have a much better standard of living.

We knew someone who lived in Exeter.  She wanted a cheaper property so moved to the Highlands.  Property was much cheaper but she hadn’t realised how much more heating bills were.  

I’d love to live in the Highlands, it is (in my modest opinion) one of the most beautiful places on Earth.  My husband says it would be too cold.  

agree - Southwest much warmer in the winter and our bills are a fraction of the amount we paid in the Yorkshire Dales