Worried First Time Buyer - In Too Deep?

pickledpink

izzybusy23 wrote: »

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.

Izzybusy,

If you and your partner are raking in £47k a year - and still think you can't afford a very modest £139k mortgage, then you should give up all dreams of ever owning a home of your own now - cos it will never happen for you!

pickledpink

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[/quot












But you're assuming they'll be in negative equity; they may not! Indeed, in 10 years from now that house will well be worth triple what it's worth now! You're a pessimest - which is probably why you've MISSED THE BOAT!:p

poppyolivia

izzybusy23 wrote: »

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:

Hi ya how are you? Hope you are ok and all that,

If you read the whole thread you will see I am talking about THIS area where rent and mortgage are six and half a dozen...hence the 'I don't get it' attitude ok maybe I didn't say in that statement but god knows where you guys live? Fair enough if rent is way cheaper than what the mortgage would be then go for it have a blast!...My next door neighbour is selling her house and what you would rent it for isn't far off the mortgage price so why would someone do that? Thats why I don't get it Come to think of it while my head is so far up by butt I should buy it and rent it to all these people who like to pay mortgages for people!:rotfl: THATS A JOKE!!!:rolleyes: (waits for all the quotes to start:p )

Anyway off to dry my hair, take care xx

nelly_2

poppyolivia wrote: »

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

No I count that as the same as your post ...clutching at straws



heres a better idea rent a place for a year and see if they actually CAN live together and save up a bigger deposit

The house I am in is worth 160 grand the mortgage would be (with 10% deposit) 850 quid a month the rent is £400 so I am putting an extra £450 a month towards deposit which saves over double that on a mortgage

BTW I am in the process of buying a 4 bed detached too.. so any sarcky comments about Im renting are null void and a little bit gay too

clairet707

We moved into our first owned home together over 2 years ago after just 6 months of being together, we hadn't lived together at that point as we lived 60 miles apart (me in Brighton, him in Soton), we still own it and are renting it out but now live elsewhere and rent ourselves (pesky job movements)

Our mortgage was £167500 and between us we earned approx £40000, it was and still is occasionally a struggle but our tenant covers the mortgage and our rent is less than both so its doable. Oh and we had a 10% deposit on our own (thank you Grandad for my share RIP :A)

I wouldn't suggest buying a house together before renting, having been there and done it, as someone else said all the issues with your partner come out when you move in together and if money is tight there will be arguments


Rent for 6 months (that 6 months will fly trust me) see what each other is like properly and then maybe the housing market might have settled down a bit and then think again

Oh and yes we are still together, we get married in 4 months!!:rotfl:

nelly_2

ut you're assuming they'll be in negative equity; they may not! Indeed, in 10 years from now that house will well be worth triple what it's worth now! You're a pessimest - which is probably why you've MISSED THE BOAT!:p[/quote]

Actually moron

I have missed NO boat I have waited and saved as you can see above.

I have a bad credit rating yet earn more than my bank manager.

Every £1 you borrow on a mortgage you pay back over £2

Funny you should say boat though cos the house Im buying backs onto a river

poppyolivia

nelly wrote: »

ut you're assuming they'll be in negative equity; they may not! Indeed, in 10 years from now that house will well be worth triple what it's worth now! You're a pessimest - which is probably why you've MISSED THE BOAT!:p

Actually moron

I have missed NO boat I have waited and saved as you can see above.

I have a bad credit rating yet earn more than my bank manager.

Every £1 you borrow on a mortgage you pay back over £2

Funny you should say boat though cos the house Im buying backs onto a river[/quote]

That sounds really nice!:T When are you planning moving? Good luck and well done!:j My house backs on to a canal...not quite the same ring to it eh?:rotfl:

nelly_2

Theres nothing 'well done' about buying a house, its a non event.

Its like having a week in spain or a [EMAIL="w@nk"]w@nk[/EMAIL]

Every non thinker does it and it never lives up to your expectations

poppyolivia

nelly wrote: »

Theres nothing 'well done' about buying a house, its a non event.

Its like having a week in spain or a w@nk

Every non thinker does it and it never lives up to your expectations

eh?:rotfl: you seem on a downer! Go sniff a jelly baby and be happy! :rotfl:

Good luck anyway when you move in and all the best!

chappers

izzybusy23 wrote: »

. 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.

There is being cautious and there is missing the boat, if we had been this cautious when we bought, we would have maybe just been able to buy now, but only due to dramatic increases in our incomes, some people don't have that.
Just worked it out if we had continued saving at the same rate we would have been able to afford our house but would have been 10 years back down the ladder with a mortgage of £210k instead of £55k and equity of 20% instead of 80%.
Sometimes you do have to jump on board the train if it is your intention to reach your destination.