Worried First Time Buyer - In Too Deep?

kunekune

Yeah, but, poppyolivia ...

You are suggesting, I think, that you are proof that it works to stretch yourself to the limit and buy.
And then it turns out that, despite admitting to a pathetic hourly rate, you aren't relying on that to pay your mortgage.

Fine, but don't expect any of us to take your "financial advice" seriously. You just aren't in a normal position to start wtih.

fc123

Phirefly wrote: »

but I'm starting to find the whole ethos tiresome.

I'm more interested in money MAKING these days.

What I'm saying is, what you should be doing is putting all your efforts into upping your income.
I tell you what, I'm GLAD I've got financial pressures - it spurs me on to work my ar*se off to make sure I meet those pressures and then some.

You're young, you're starting out, you're SUPPOSED to not have much pocket money, you're SUPPOSED to eat beans on hand me down plates on a sofa you found on ebay. You've got Mrs. Amosp to entertain you of an evening, you don't need to go out on the razz as much.

Hi OP...just read whole thread and was humming and agreeing with all the caution..........but the above is so true too.

The reason I agree with all the cautious posts is because we bought 1st home aged 25 (and had toddler) and it stretched us to the limit...but this spurred us on to work our butts off at developing our business / income.

It all depends on your personality.

Some thrive on the pressure but others cannot cope.

I perform better when faced with adversity (in whatever form), when things are comfy, I coast along. Neither trait is better than the other.

I would say it will overstretch you and IF babies come along at some point, your partner would have no choice but to work full-time AND you will need to factor in childcare...which could wipe out half a salary.

Rent first to get a feel of living together...........rent in this case isn't dead money...it's more like college fees.

Trollfever

Meanwhile, young FTBs were most likely to be delaying entering the property market. Indeed, of the under 25s 11% were considering buying their first home at the beginning of the year but now just 2% will be doing so - equivalent to 18% of the original FTB group.

From:

http://www.moneyextra.com/news/news-first-time-038032.html

PasturesNew

moneysavinmonkey wrote: »

yes - have you every been to a development showroom!!!

I have. They turf me out.
I go in, ask a simple question "what have you got?" and they turf me out.

Same with estate agents.

None of them take me seriously.



I don't fit their profile I guess. Selling to people who can afford it isn't their game. Selling hype and promise at inflated prices to people who can't afford it is what they're used to.

Phirefly

PasturesNew wrote: »

I have. They turf me out.
I go in, ask a simple question "what have you got?" and they turf me out

sucks, but amusing mental image

Trollfever

Selling hype and promise at inflated prices to people who can't afford it is what they're used to.

Would you like to share my bridge?

PasturesNew

Trollfever wrote: »

Would you like to share my bridge?

Have I just pulled?
On the Internet?

Oh, deep joy!

fc123

...buy trollfever lives under the flyover at Shoreham.

Xeno

I was in pretty much the same position as you last year (low joint income 26k, 120k new build apartment, 114k mortgage (deposit payed by builder)....Interest only mortgage of £625, other loans of around £400... Not an ideal scenario I'm sure you'd agree.

Oh, we'd never lived together either.

While it was a struggle to start with, we have been pretty lucky, not having anything major break and a change of jobs making the mortgage much more affordable, things were, shall we say, 'frugal'. You *will* have undervalued the amount of outgoings you have. Your gf *will* annoy you.

Although it would be nice for the story to end here with me saying we lived happily ever after and you should go out there and ignore everyone's advice on here, the problem will be when the fixed rate deal ends in December and I find no lender wants to touch my overpriced neg-eq new build with a barge pole!
Still, it worked for us and it might for you.

fc123

PasturesNew wrote: »

I have. They turf me out.
I go in, ask a simple question "what have you got?" and they turf me out.

Same with estate agents.

None of them take me seriously.



I don't fit their profile I guess. Selling to people who can afford it isn't their game. Selling hype and promise at inflated prices to people who can't afford it is what they're used to.

:rotfl: :rotfl: :rotfl: :rotfl:
Why? Surely a customer is a customer? What else do you say?