Worried First Time Buyer - In Too Deep?

pickledpink

Hi Amosp,

What is the going rate for rent round where you are? £680 a month mortgage isn't a massive amount these days, and unless you rent somewhere very small (or not very nice) then I can't see how you'd save much by renting.

Even if you saved yourseld £200 a month - over 3 years that would only be around 6 grand - by which time, properties will be probably be soaring again - and this place you like will be even further out of reach for you.

strongboes

Seriously you cant afford it. House prices will and are coming down. Save for the next couple of years and that house you want might only be worth 100k, let someone else take the drop. Between the both of you, you should be able to save £800 per month.

Also to me your earnings are very low, really try hard to increase your salary, switching careers sounds like a good option since at the moment you have no commitments!

Regards

pickledpink

How could they save £800 a month?:huh:

If they rent somewhere they'll still have to pay rent - and bills! Where are they going to get an extra £800 a month on top of their outgoings?

geoffky

its just too tight for you at the moment.you will worry yourself to death about unforseen breakdowns ect

space_rider

I live on a new estate and there are so many houses up for sale that have been repossessed. There`s hardly any children on this large estate so I am guessing that the majority of people that live in them are young couples. The prices for 3 bedroom semi and detached have gone down by a good £40,000. It seems to me that many have over stretched themselves and now that their fixed rate deal is up they have ended up being repossessed.

I bought a house when I was 20 with my husband. We only had a very small mortgage and never over stretched ourselves. After 2 years we did have a child and I worked part time. It didn`t make too much of a difference as our mortgage was small. There are many things that can affect your budget so I would think very carefully about buying a house right now. I still think prices are going down. I have always bought a house to live in for several years and have never had to sell at a loss. I would hate for you to overstretch yourself and then end up being in negative equity and have it repossessed.

Phirefly

Hoario54 wrote: »

your love continues to grow

:shocked: I say! *fans self*

space_rider

Also, what about furniture etc etc etc ? I moved in this house November 2006. It`s amazing how much you end up spending and you`ll be starting from fresh.

Phirefly

Jesus wept.

He'll just have to scrape something togther like everyone else does. I'm not for or against the OP buying or renting. I don't give a fig what he does as long as he's healthy and happy and doesn't rock up at Tha Wharf with Mrs' A and a knapsack.... but some of the comments on here are having me exasperated. If he rents somewhere its likely he'll have to get hold of some clobber too. He can always badger BadgerLady for some tips.

Hows about he buys a million stamps before the price hike then sells them on for a profit? He can get himself some choice Malm then. I've had it with this place. I'm off to UKCapitalistforums.com.

poppyolivia

Kez100 wrote: »

If your husband is mega minted then you didn't tell the truth about the income which supported the repayment of the two mortgages. If the income was correct and the mortgages were not for 132k then your experience is not relevant to the OPs question. Please keep on topic rather than posting to impress yourself.

:rotfl: You get rattled quite easily!!!:rotfl:

What I was meaning is there is ways of doing it...I have paid off 2 mortgages and I haven't got a brill job...thats positive compared to all the 'don't waste your money mate, rent and pay someones morgage and save £1.50 a wk':p

The OP would be spending much and such the same renting so whats the point?...get the mortgage OP and enjoy the house and if you do think you would be struggling get a smaller property and get your foot on the property ladder...you can do it!


Good luck OP I seriously hope you get your home you said yourself you are looking for an extra job...it will be the best thing you ever did! xx

poppyolivia

pickledpink wrote: »

How could they save £800 a month?:huh:

If they rent somewhere they'll still have to pay rent - and bills! Where are they going to get an extra £800 a month on top of their outgoings?

EXACTLY!!!! Doesn't make sense eh?:T