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Opinions please: Need to move house quick
Sophiex
Posts: 1 Newbie
Hi
I was hoping someone would give their advice on my situation.
Surprisingly (!) I've just found out that I'm due to give birth in November. The rental agreement on our house expires in July. We have a wedding to pay for at the end of July (now you can tell why I was 'surprised' to be pregnant!) so cash is very thin on the ground. However, we believe we can pay up to 900 GBP per month on a mortgage. We can't get a reasonable deposit together (maybe 3-4k max) before our rental agreement expires. I'll return to work (part time) in Nov 09 and will be able to contribute another 400 GBP per month to a mortgage.
In our hearts we'd like our own place. Can you offer your opinions on the following:
Should I opt for interest only for the first couple of years?
Fixed or variable?
Names of providers/brokers that help with this sort of thing...
Many thanks
Sophie x
I was hoping someone would give their advice on my situation.
Surprisingly (!) I've just found out that I'm due to give birth in November. The rental agreement on our house expires in July. We have a wedding to pay for at the end of July (now you can tell why I was 'surprised' to be pregnant!) so cash is very thin on the ground. However, we believe we can pay up to 900 GBP per month on a mortgage. We can't get a reasonable deposit together (maybe 3-4k max) before our rental agreement expires. I'll return to work (part time) in Nov 09 and will be able to contribute another 400 GBP per month to a mortgage.
In our hearts we'd like our own place. Can you offer your opinions on the following:
Should I opt for interest only for the first couple of years?
Fixed or variable?
Names of providers/brokers that help with this sort of thing...
Many thanks
Sophie x
0
Comments
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Sophie, congratulations on your surprise news and impending wedding. You sound a bit like me - no, not pregnant before anybody thinks I have defied the miracle of science but what I mean is trying to do everything at once. I want things to happen yesterday.
Its difficult to state what is right for you exactly as we do not know you to the level we need to know you to be able to give you the information that you need.
If you want to look for a mortgage, then I would recommend finding a broker. Martin recommends some on here but the best place to find them are through recommendation of friends and family.
Looking at what you are trying to do and knowing the costs of paying for a wedding and buying a house, I would seriously look to tackle the baby thing and wedding thing before you even contemplate having to take the responsibility of a mortgage on. Could you not do another 6 mths agreement with your landlord whilst you get 2 of the 3 most major events you will have to go through in your life out of the way?I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
HI Sophie - congratulations!
Having a baby is a very big change in your life. I was surprised by how different everything was when my son was born, he's now 2.
It might be a good idea to hold off on buying for a bit, give your hormones a chance to settle down a bit, and take things one step at a time. Buying a house, getting married, and having a baby in one year sounds like a lot to cope with to me!...much enquiry having been made concerning a gentleman, who had quitted a company where Johnson was, and no information being obtained; at last Johnson observed, that 'he did not care to speak ill of any man behind his back, but he believed the gentleman was an attorney'.0 -
I didn't dare mention the "H" word lol - I thought my reply was subtle - can you tell I am married?I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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LOL! When I've been there, done that, had the hormonal surges, so feel I can comment. Women Only, though :rotfl:...much enquiry having been made concerning a gentleman, who had quitted a company where Johnson was, and no information being obtained; at last Johnson observed, that 'he did not care to speak ill of any man behind his back, but he believed the gentleman was an attorney'.0
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