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quick question...
lumpy_bum
Posts: 3,876 Forumite
without going into major detail im just wondering a few things.
me and other half are contemplating buying a house (infew more years and we wouldnt be able to get 100% mortgage), so we do need to do it soon as we dont have any deposit.he earns 46kbefore tax, im currently not working but want to within the next year.would it be worthwhile buying a house now or waiting till house prices drop?
are they going to drop a considerable amount more?
i know that nobody has a crystal ball but any info would be appreciated.
i dont fully understand the current status of things, i have only what other half has said. id rather not look and get confused.
so yes, would it be better to wait say a year or go for it now?
thanks:)
me and other half are contemplating buying a house (infew more years and we wouldnt be able to get 100% mortgage), so we do need to do it soon as we dont have any deposit.he earns 46kbefore tax, im currently not working but want to within the next year.would it be worthwhile buying a house now or waiting till house prices drop?
are they going to drop a considerable amount more?
i know that nobody has a crystal ball but any info would be appreciated.
i dont fully understand the current status of things, i have only what other half has said. id rather not look and get confused.
so yes, would it be better to wait say a year or go for it now?
thanks:)
:cool:minds is willing , soul remains, this woman cannot be saved :cool:
;););););););):A;);););););););)
;););););););):A;);););););););)0
Comments
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There's no rush. It is much harder to find a mortgage (if at all) at 100% for the last 6 months. If you did find one, you'd find you would be paying over the odds for it.me and other half are contemplating buying a house (infew more years and we wouldnt be able to get 100% mortgage), so we do need to do it soon as we dont have any deposit.
He needs to get a deposit together then. You need to get working too. Between the two of you you could get a good deposit together pretty quickly (say, 2 years)he earns 46kbefore tax, im currently not working but want to within the next year.
Wait. Especially bearing in mind it is harder to get 100% anywaywould it be worthwhile buying a house now or waiting till house prices drop?
Yes. For a few years.are they going to drop a considerable amount more?
It's OK, I am opinionated enough to have answered anywayi know that nobody has a crystal ball but any info would be appreciated.
Maybe he doesn't fully understand things either (certainly not if he's thinking about following the Plan A you outlined above)....i dont fully understand the current status of things, i have only what other half has said. id rather not look and get confused.
so yes, would it be better to wait say a year or go for it now?
thanks:)
So, to summarise:
1] Don't buy
2] Work and save hard
3] Don't buy
4] Prices are falling and will fall more for some years yet
5] Don't buy
If you have any further questions, please refer to items, 1, 3 and 5 above.0 -
ty for your reply.
savings very hard considering take home is 2k a month and everything bar about £100 a month is spoken for. we were accepted for a 150k mortgage 2 years ago but things happened and we didnt continue.
i think we weill be waiting at least a year. we need a 4 bedroomed min though. !!!!!! this is so frustrating.
we pay 600 a month rent at the mo, we cant downsize because we have so many children. we are going to have big discussions me thinks
thanks for the advice
:cool:minds is willing , soul remains, this woman cannot be saved :cool:;););););););):A;);););););););)
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If your money is spoken for, where would the mortgage money and house running costs come from? Mortgage + costs are a lot more than renting. When you own a house you have to do all the maintenance and insure the buildings. Not to mention the fact you spot things that you buy because you think they'll make your house look lovely, whether that's a simple cushion or a new sofa. Things you wouldn't be overly interested in buying if you were renting.ty for your reply.
savings very hard considering take home is 2k a month and everything bar about £100 a month is spoken for.
The world of getting mortgage offers has changed considerably recently.we were accepted for a 150k mortgage 2 years ago but things happened and we didnt continue.
It's only a year, they fly by. I'd wait longer, in fact I am. I am expecting to wait another 4 years.i think we weill be waiting at least a year. we need a 4 bedroomed min though. !!!!!! this is so frustrating.
Why do you need 4 bed min?
It's only frustrating because you want something, just convince yourself that what you have is better.
Oh, so many children. Sell them off. Bank the money for a deposit.we pay 600 a month rent at the mo, we cant downsize because we have so many children. we are going to have big discussions me thinks
thanks for the advice0 -
£600 in rent isn't a lot if you're bringing home £2k/month. There's still loads you could save.
we pay 600 a month rent at the mo
Have you popped over to the Debt Free Wannabe Board for ideas? If you post up your SOA, full income/outgoings, they will help point out where you can make substantial savings.0 -
we pay 600 a month rent at the mo, we cant downsize because we have so many children.
your in warwickshire according to your location, is this right??? how on earth have you managed to get a 4 bed for £600??? :eek: im just south of the warwickshire border and our rent on a 2 bed small bungalow is more than that and we have what is considered a 'cheap' rent.
i totally understand that saving even with a 2k income is difficult with lots of children, i only have 1 child, and that takes a huge chunk on its own.
my bro in law has his own mortgage company, as well as having a number of properties himself. i asked him a few months ago if we would be better off buying and using our rent money to pay a mortgage instead, he said dont even think about it for at least a year, cause in the long run, we would lose more than we would have paid in rent. hope this helps0 -
Does not compute. I am on £39,000 and my take home is £2300. That's after a couple of hundred is taken off for pension. Add in child benefit for a big family, and you're looking at a minimum of £2500. Unless there's something you're not telling us, like payments to wife #1?Mortgage started on 22.5.09 : £129,600Overpayments to date: £3000June grocery challenge: 400/6000
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company car actually. payments to wife 1 come out of take home .i get cb for 2. other kids live with oh's ex but we have them weekends.Does not compute. I am on £39,000 and my take home is £2300. That's after a couple of hundred is taken off for pension. Add in child benefit for a big family, and you're looking at a minimum of £2500. Unless there's something you're not telling us, like payments to wife #1?
ive fallen in love with a house. stupid really as i know we cant have it:(
im starting to save as much as possible now though. going to have mega talks with other half concerning finances next week hopefully:)
thankyou all for replies:cool:minds is willing , soul remains, this woman cannot be saved :cool:;););););););):A;);););););););)
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its a 3/4 bed. theres a room we are using as a bedroom but it isnt actually one if you get me. the house is mega small if im honest. the rooms are tiny as its a relatively new build.your in warwickshire according to your location, is this right??? how on earth have you managed to get a 4 bed for £600??? :eek: im just south of the warwickshire border and our rent on a 2 bed small bungalow is more than that and we have what is considered a 'cheap' rent.
i totally understand that saving even with a 2k income is difficult with lots of children, i only have 1 child, and that takes a huge chunk on its own.
my bro in law has his own mortgage company, as well as having a number of properties himself. i asked him a few months ago if we would be better off buying and using our rent money to pay a mortgage instead, he said dont even think about it for at least a year, cause in the long run, we would lose more than we would have paid in rent. hope this helps:cool:minds is willing , soul remains, this woman cannot be saved :cool:;););););););):A;);););););););)
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do not dispare, you never know what the life could bring to youive fallen in love with a house. stupid really as i know we cant have it:(
The word "dilemma" comes from Greek where "di" means two and "lemma" means premise. Refers usually to difficult choice between two undesirable options.
Often people seem to use this word mistakenly where "quandary" would fit better.0 -
well other half has said we can view it:D
he doesnt like the look of the outside, but that can be rectified. its got this wooden facia board thingys lol
im all excited:d
maybe not this one but hopefully we can have our very own little love nest:D
also decided that when we move i am going to look into being a child minder:D:cool:minds is willing , soul remains, this woman cannot be saved :cool:;););););););):A;);););););););)
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