Worried First Time Buyer - In Too Deep?

PasturesNew

When it comes to owning property, you can never have enough money .... and mostly you don't have enough.



Stuff needs fixing that you never even realised existed.

I had some blocked drains. £300
I had the loo suddenly start spraying water everywhere on a Bank Holiday Monday. £50
I had some roof tiles blow off in the wind, not worth claiming. £100
The aerial blew off the roof on another windy night and was flapping about by the chimney. £50
Lead flashing down the roof gulley needed replacing. £400
Rear wall needed repointing/weatherproofing and lead flashing fitting to an extension join. £300
Sewage downpipe split and needed replacing. £250
Electrical oddity needed checking. £30
TV stopped working. £50
Kettle stopped working. £6
Lightbulbs blew - £3-5 each for low energy ones (I had 20 on my ground floor, 7 upstairs)
Gas needed servicing £25
Boiler needed fixing £200

I could keep on if I sat here and thought things through .....

Badger_Lady

^^ Blimey! Well , luckily, in my 3 years of property ownership so far I've had none of those costs, but I have had a lot of unexpected party invites :beer:

nelly_2

pinkshoes wrote: »

Price drops leading to negative equity is only a problem if you plan to sell, but the OP is buying a 3 bed house, which will no doubt become their home for a LONG time... They're not doing this to make a quick profit!!

What about divorce?

poppyolivia

Sorry, deleted post!

CROWN_3

I,m not scrolling through 9 pages so if it has been said already sorry

4.75 joint income is a NO NO

that is an interest only mortgage payment - a NO NO

Wait until your pay rise and take another look

don't become a repossession statistic. You will never be able to refinance that deal in 2 years time. NEVER.

Doom_Lord

amosp wrote: »

We’ve more or less agreed that whilst it is (barely) doable as we would be really stretching ourselves with this it’s not worth the risk that rates could increase or house prices could fall or an array of other eventualities that we can’t even begin to account for.

I’m going to do what I wanted to do in the first place and get my career sorted out before we have another serious look. It’s crushing because we really liked the house and even walking away from it I’m still thinking ‘what ifs’ but I have to keep reminding myself that it’s irrelevant if we can’t afford it.

I think I need a holiday >_>

Good for you. You will not regret this decission ever!!!

There are plenty more houses out there and they are about to get a lot cheaper over the next few years. Sit back save. At least you can enjoy being in your ealry 20's with some cash as they are a great time in your life!!

poppyolivia

nelly wrote: »

What about divorce?

Things happen eh? What a scarey world we live in if we are scared to get a home with someone on the fear they might fall pregnant, split up or get divorced. Just the way the world is I suppose!:rolleyes:

Addy1

Just thought I would add that although renting round here is no cheaper than repayment mortgage, we are looking at about 130k house with 10% deposit and have a combined income of 50k.

Our monthly payments will be similar/slightly cheaper, but we already know from renting that we still aren't exactly rolling in it with these monthly outgoings, and neither of us have any commuting costs.
I would be very frightened if I was in the OPs position as I am scared as it is!

I am no expert but am used to running a home and I don't think you would be able to afford it without having sleepless nights.

I know this has been said before but I am a similar age to OP so it may seem relevant to him.

Good luck.

PasturesNew

Badger_Lady wrote: »

^^ Blimey! Well , luckily, in my 3 years of property ownership so far I've had none of those costs, but I have had a lot of unexpected party invites :beer:

I've never had any of those.

PasturesNew

Life is full of the unexpected. Just today I received a letter from the Inland Revenue. I had done my tax return and sent a cheque that they banked....
.... and here's this bill. It looks like I underpaid by £200 (unexpected).

AND ... as my self-employed income was greater than 30% of my income (or something similar, new rule to me so not sure), can I please now pay £500 up front for the current year's tax... and another £500 in July.

Yes. I can. But unexpected.

There's always the unexpected. And it's always money they want.