Hey I'm new here and I would really like some advise please.

I currently rent a 2 bed flat for £925 per month. The 6 month review is coming up soon at the end of April but I am thinking of buying a flat instead of continuing with renting.

I don't work at the moment (that's a long story). My parents currently pay my rent and they would pay mortgage until i start work which should be in April/May.

I was thinking woud there be any point in buying a place and could I get it in my own name and not my parents?
I also don't know if it is a good idea to buy a place anyway what with the stories I keep hearing about falling interest rates. Sould I worry about that or should I just think what falls would eventually go back up?

Replies

  • how much would a flat cost to buy, do you have a deposit + funds for solicitors fees, stamp duty etc... are you planning on staying in the area for a long time... what is the supply like of flats in your area..

    in general at the moment it's a bad time to buy and a good time to rent but you know your own circumstances the best along with the area you live in so you need to Do your own research.. by all means ask questions as you go though!
  • pinkshoespinkshoes Forumite
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    Part of the Furniture 10,000 Posts Name Dropper Photogenic
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    If you're not working, do you have a realistic idea of what you could earn? You can probably get a mortgage for about 3x or 3.5x your salary... could you afford something with this amount?

    Alot of flats are falling in price at the moment (mass production ones by big builders!), so if you do buy one, make sure it's preferably a flat in a very small development, with not many flats nearby, as that way it's much more likely to retain its price. Also compare the price of the flat to a house with the same number of bedrooms, to see how much (or little) floor space you'll get!

    You'll also need at least a 10% deposit.
    Should've = Should HAVE (not 'of')
    Would've = Would HAVE (not 'of')

    No, I am not perfect, but yes I do judge people on their use of basic English language. If you didn't know the above, then learn it! (If English is your second language, then you are forgiven!)
  • PasturesNewPasturesNew Forumite
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    Rent. The minute you get a mortgage in your parents' name they'll be nagging you to get a job.
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