Worried First Time Buyer - In Too Deep?

PasturesNew

pickledpink wrote: »

Pastures New,

I think you must post on nearly every single thread: several times!!!!!!!!:idea:
And that's just on THIS website!!!!!!!:rolleyes:

Normally, you do long lengthy thesis style essays................morning, noon and night! And on a daily basis.

I'm beginning to wonder how you manage to get any work done!:p It seems that all your energy is spent on writing out loooooong,looooooooooooong essays that few people seem to respond to. Why not use the time you spend on this site by doing a local paper-round? You'll not have to wait 53 years then until you save up for a prperty! Just 52!:rotfl:

Guilty as charged your honour.

It's a combination of two things:
1] I don't work. I think about it, I sometimes do 2 hours a day. But the rest of the time I never get round to it.
2] I have Aspergers and as such everything requires very long, in depth explanations. It's one of the characteristics of it. As for nobody responding to them, do you take notes? Are you stalking me?



I am bloomin' addicted. I know I should be putting all this effort into building my own sites up. But there's nobody on mine... which there would be if I built them. Kind of a circle thing going on there!

As for paper-round/53 years ... you've clearly not read all my postings.... I don't need to save up for a property. I can buy one whenever I want with the cash I have. In fact, last time I counted, there are 3000 I can afford within 3 miles of where I sit.

I think you should pay attention to your own life rather than stalking me. I'm quite happy minding my own business posting long things that I know nobody ever reads.

poppyolivia

nelly wrote: »

Did you even read what I was replying too?

They said - its a big house blah blah blah and thy may never need to sell blah blah blah and I pointed out 'divorce' and that they well may need to sell

40% of marriges end in divorce

So next time you decide to have a pop at what Im saying look at the bigger picture like I did rather than a blinkered linear view on things

And if people do divorce...so what???? Get a lodger, sell the house.

Thousands of people do it...divorce isn't a problem!

oh and I've just edited to say...I'm not here for an arguement...just MY point of view.

Thank you xx

nelly_2

pickledpink wrote: »

Nelly,

If everyone had your philosophy they'd never do anything! Yes, marriages do break up, but if we all thought as negatively as you do we'd never bother to get married in the first place!! Besides, failed marriages affect EVERYONE - mortgage or no mortgage.

Even if this couple were to split up, it wouldn't have any bearing on their mortgage! They'd simply sell the property and divide the equity. Who knows, in 10 years time they may make a small fortune each!:p

They could even rent the whole place out and go their separate ways - keeping the property as a nice nest egg................

christ sake another moron

Right someone said if they go into negative equity it wont be a problem cos they dont have to sell

I said what about divorce?

Go back and read the op

neither of them can afford it on their own.

If it is in neg eq...... dividing that will acheive what?

Cos as far as I know when you sell the bank wants their cash there and then

And rent allmost certainly wont make the mortgae payments neither

But apart from all that yes your absolutely correct

poppyolivia

nelly wrote: »

christ sake another moron

Right someone said if they go into negative equity it wont be a problem cos they dont have to sell

I said what about divorce?

Go back and read the op

neither of them can afford it on their own.

If it is in neg eq...... dividing that will acheive what?

Cos as far as I know when you sell the bank wants their cash there and then

And rent allmost certainly wont make the mortgae payments neither

But apart from all that yes your absolutely correct

So the 'getting a lodger' bit is ok or are you counting that as rent?

carolt

Oh stop trolling, poppyolivia.

The OP has already decided not to go ahead with the purchase, very wisely in the opinion of most posters here if not yourself.

I wish him well - sounds like a sensible chap.

poppyolivia

I was asking a serious question
Would the lodger thing work out, money wise??

And yes he does sound a sensible chap and I wish him well also!

chappers

I haven't read all the posts in this thread but there are two ways to look at this theres the oh be careful,negative equity when you come to mortgage etc or theres the jump in now you might not get another chance side.
With your finances this tight have you considered maybe fixing your mortgage for longer so you won't be needing to remortgage in two years time or maybe taking say a 30 year term.
With regards to jumping in now, when we bought our house 10 years ago we had the feeling that the market was going to run away with us and we were right, we could barely afford to buy our house now(maybe on a 100% LTV) and would never be anywhere near if our incomes hadn't increased dramaticaly.
However I don't think that is going to happen in the next 4 or five years, and whilst we probably had about the same money left over each month as you are going to have, we had saved nearly a 20% deposit.
I think this house purchase for you will be overstretching yourselves, you are both young and I don't think you should be putting yourselves under such financial stress.
Do as someone else suggested buy something cheaper hopefully build up some equity and move up the ladder as your circumstances improve.You are wrong in thinking this oppertunity won't come along again.
Good luck

Mozette

Blimey what a thread!
Just to add my opinion...
What I think is true is:
You really don't know someone until you live with them
Any couple can split up
As someone lucky enough to buy back in the day when houses were affordable, so I don't have what would be considered a big mortgage at the moment, owning a house is always more expensive than you think, living is more expensive than you think. Living on your own is tripley so (which may not add up, but is the case!)
I am a buy rather than rent if you can person on the whole, but for what my opinion is worth, I think you would be better renting together for 6-12 months, it honestly is different living with someone however much time you spend together.
I bought my first house in the late 80's for £55,000, sold it in the mid 00's for £170,000. I could afford it when I bought it, but I couldn't have afforded to buy it when I sold it! I feel so sorry for FTBs today. I was lucky enough to be able to afford a house and a life back then. God knows how people do it now.
Best of luck to you anyway!

izzybusy23

amosp wrote: »

Barnaby.

Salaries are £11897 and £14197 hence the difference in pocket money.

As I saw I do expect a wage increase soon and I am considering taking on a part time job on top of my current one.

Ok, I earn £16,500 my husband earns £27- 29k and we have an additional £1.5k on top of that for tax credits and child benefit. Thats a potential yearly income of £45k. I would NOT consider a £137k mortgage on our wages at this point in time.. let alone yours to be honest. Thats just over 3 times our salary which in most people's eyes is the norm.

Also, what is wrong with renting??? You sound like you are too 'good' for renting, but honestly I think you can't afford your house so renting is looking like the favourable option here.

Sorry, just being truthful.

izzybusy23

poppyolivia wrote: »

maybe I was lucky or whatever but I still can't understand why renting is a good thing.
:rolleyes:

Sorry to be blunt, but if you took your head out of your backside for one moment, took a step backwards and looked at the current climate without being smug, perhaps then you would understand why renting far outweighs buying at the moment. :mad: