Worried First Time Buyer - In Too Deep?

moneysavinmonkey

han2505 wrote: »

Well i'm only 20 and i bought my house in November for £124,995 and were managing ok!!

congratulations... in order to help the OP though could you share your (joint?) salary. is your mortgage interest only or repayment? what kind of deposit did you put down.

without really knowing that it's not really fair to compare your situation to the OP's as age doesn't exactly correlate with ability to afford a 124k house!

Hugbubble

I am in the process of buying a house with OH. I am a FTB (OH is not- the equity from her house sale in funding our deposit). We have lived together for 4 years (in rented), both saved up for our (future) furniture etc over those 4 years, have a combined income of £50k and are getting a mortgage for £115k which represents about 70% LTV.

I am nervous about it- in terms of money/ not having the same amount of money for going out/ not being able to save as much. I don't have your issues regarding not having lived together (I am well accustomed to OH's habits). Oh and OH is absolutely soooo careful with money- something that has rubbed off on me so no worries about her spending habits.

I don't think I would be sleeping at night if faced with the prospect of the OP's potential situation.

I guess my point is that even in relatively ideal circumstances there will be doubts, but in your case- I find it hard to see anything of which you can feel positive. Even if you could afford the mortgage and other outgoings, could your relationship stand that strain?

han2505

Well our joint income is only 28k a year. We are on interest only for 2 years as i wanted to save to pay it off at the end and i didnt want to be spending it all for the first year. wanted to wait until we were both on better money as my partner has just been given a payrise of £8k and we knew it was coming so we will be in a better position to switch over when the time is right.

We put down 5% of our own money down and the home builders put down 5% as well.

Hugbubble

poppyolivia wrote: »

I've already said if you read previous posts I don't have a fancy/posh house, its basic...4bed 2 bathroom....my god I'm at the bottom of the property market just about!..

Poppyolivia lives in Inverness...nuff said

(Oh and yes, you are boasting!)

dopester

It's like I'm living in a parallel universe. I can only see a total economic bloodbath coming in the UK. The City is going to lose many tens of thousands of jobs... all the easy money which has flowed pushed property prices up to crazy levels is being cut back.

Some properties will lose 80% of "what it's worth".

amosp wrote: »

Yes it would perhaps teach us a little more about living together but at the moment when we’re not at work we’re with each other constantly. We cook tea together, we go out together, we stay in and watch films together and we regularly stay over when we can. I can’t think of a time in the last year where 24 hours have passed where I haven’t seen her. I really don’t see us being able to live together as a problem. It’s simply the money aspect that concerns me.

Things change miladdo. I wish you luck, but love is often like a virus and can wear off, and you might later be sick to death of each other - but with like only £100 a month you won't have much opportunity to keep out of each other's way. Added to which you might be saddled with 50% negative equity. Of course I might be wrong.

However please do your research.... use propertysnake to check the average falls in your area recently. On average property prices lost £38 PER DAY in February 2008.

mlz1413

[quote=poppyolivia;9112269].I don't have a fancy/posh house, its basic...4bed 2 bathroom....my god I'm at the bottom of the property market just about.[/quote]


Poppyolivia i've read your posts and many of the people constantly telling you 'we've heard you but your not relevant to the OP'
Not only do I have to agree, but the bit above that I have quoted from one of your posts - to show that for pitys sake you do not have a 'real life' situation.
If you believe that 4 beds and 2 baths is bottom of the pot you are bonkers.
Bottom of the pot is 1 bed, 1 bog flat in a cr*p area

If you insist on talking houses; bottom of that pot is 1 bed starter homes that you have to have flat pack furniture to take upstairs.

I live in a 3 bed 1 bathroom terrace and I believe i'm well on the property ladder. I'd love to have a 2nd loo especially when I the house was full and 3 of us used to fight for the bathroom in the morning. But I am not at the bottom of the pot nor anywhere near it. But you have more beds and baths and you say you are!!

You may be on a low wage but you seem proud of that - and that is fine its your life.

If you insist on keep telling everyone i'm 32 and paid off 2 mortgages post how you did it. or stop going on about it.

PS not all of us are jealous, just you've repeated yourself enough.

Phirefly

dopester wrote: »

It's like I'm living in a parallel universe

Thank heavens for that. if I was living in a universe as miserable as you've painted yours to be, I think I'd grab Mr. P and The Basset and throw myself into the canal...

poppyolivia

Right this is getting personal...I'm not boasting, I got good deals, my house needs a shed load of work done on it, the reason I repeat it is because I keep getting quoted, my house is a sh*t hole.....it would cost me more to get a smaller house....so now what I can do is save and get it sorted and get it upto scratch.....wheres the boasting in that?


I give up, I came on here saying my opinion is renting is paying someones mortgage.....and as a positive note if I can do it so can anyone sort of thing, alot of people get downhearted about buying property when in my experience its all been good.

people are reading between the lines and getting a different language!

oh and I forgot someone asked if I could buy my house today same conditions etc...well tried to work it out and yip I think I could as in its offers over here so it would depend if there wasn't a crazy price thrown in above the asking if that makes sense????? The price I would be asking for this house is less than or just about the same as OP house he's looking at...see not posh just very basic!!!!!!

han2505

i know what you mean, we have been very lucky to get what we have. I had to move away from my family as i couldnt have bought a shed where i'm from. So now i have a 3 bed end terrace house (only 3 houses), garage and 3 bathrooms, and although i made lots of sacrifices i love it. I never thought i would like this area and we have had trouble since moving away but for being so young i never thought i would have been as lucky as i am. We shall lucky i am when it comes to sell though lol!!

Lavendyr

poppyolivia wrote: »

here we go again!!!!:rotfl: Some people have a little jealousy problem kicking in!!!:rotfl:

I don't think anyone is jealous of your situation - it's very difficult to be jealous of someone you don't even know, after all.

poppyolivia wrote: »

I don't have a fancy/posh house, its basic...4bed 2 bathroom....my god I'm at the bottom of the property market just about!

I seriously hope you are being sarcastic. How anyone could seriously think that 4 bed, 2 bath is "bottom of the propert market" is beyond me. Have you ever lived in a one-bedroom flat in a dodgy area with barely enough room to swing a cat? That's bottom of the property ladder.

It honestly doesn't appear as though you are reading anything that anyone else is saying on this thread, because you refuse to consider the possibility that house prices might just be a teeny bit further out of reach of the average FTB these days than they were back when you bought your first house.

poppyolivia wrote: »

Some people are so touchy and no I'm not telling you the price of my house...as I said its basic so you use your bonce!:D
have a nice day sunshine!:p

You're really not coming across very well here (patronising, even). It's a shame, because if you presented your opinion better and backed it up with qualifying statements, I think people might be more inclined to listen to you. Just a thought.