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should we go for it

ellieo
ellieo Posts: 758
Part of the Furniture Combo Breaker
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in House buying, renting & selling
hi, we live in a council property rent free as my hubby is disabled as result of a hit and run accident, dont really like it, horrible noisy neighbours who drink and get loud ! would we be able to get a small mortage of say 50,000 as we could put in the rest of the money, what sort of repayment would it be, we havent got a clue where to start in all this or should we hang on and wait for a while...... thanks
«13

Comments

  • epsilondraconis
    epsilondraconis Posts: 1,758 Forumite
    The first question I would ask is, do either of you work?
  • Doozergirl
    Doozergirl Posts: 34,082
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Forumite
    And what would £50,000 buy where you are?

    The repayments would be about £350 a month.
    Everything that is supposed to be in heaven is already here on earth.
  • mr.broderick
    mr.broderick Posts: 3,778
    1,000 Posts Combo Breaker
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    I doubt the hubby does.
  • mr.broderick
    mr.broderick Posts: 3,778
    1,000 Posts Combo Breaker
    Forumite
    Doozergirl wrote: »
    And what would £50,000 buy where you are?

    By the sound of it the house they live in. Hi dooz, i like to say hi to my fans from time to time :o
  • silvercar
    silvercar Posts: 51,459
    Part of the Furniture 10,000 Posts Academoney Grad Name Dropper
    Ambassador
    Think long and hard before giving up a rent free council home.
    You have a home for life, may not be where you would like to live, but life is a compromise and I would be reluctant to give up on that security.
    I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.
  • ellieo
    ellieo Posts: 758
    Part of the Furniture Combo Breaker
    Forumite
    no we dont work at the mo, i gave it up as i had to care for my hubby after his accident, we can buy nice properties round here for 150,000 but are 50,000 short so we were thinking of borrowing that amount
  • Running_Horse
    Running_Horse Posts: 11,809
    Part of the Furniture Combo Breaker
    Forumite
    Is there no prospect of a transfer?
    Been away for a while.
  • pinkshoes
    pinkshoes Posts: 20,695
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Forumite
    You'd probably need to earn around £15k to get a £50k mortgage... or you might get a better deal because you'll have 66% equity in the property, so would need to prove that you could easily afford the £350/month repayment.

    There's a mortgage calculator on the bbc:
    http://www.bbc.co.uk/homes/property/mortgagecalculator.shtml

    I suggest you go and speak to a mortgage advisor and see what they say, as they'll explain everything to you.
    Should've = Should HAVE (not 'of')
    Would've = Would HAVE (not 'of')

    No, I am not perfect, but yes I do judge people on their use of basic English language. If you didn't know the above, then learn it! (If English is your second language, then you are forgiven!)
  • ellieo
    ellieo Posts: 758
    Part of the Furniture Combo Breaker
    Forumite
    we are down for a transfer to a bungalow but am fed up of waiting ! thanks for all your help ellie
  • geoffky
    geoffky Posts: 6,835 Forumite
    please please please please do not think of moving now.it is just the begining of the biggest house price crash we have seen and if you wait and save for 12month you will be amazed at what you money will buy you then,,,please have a look at propertysnake.com and see the 40% fall on there now as we speak also search for your area and see what is happening..my area has gone from 26 reduced in september to 339 today with upto 35% fall in price where i live..now is not the time to be buying unless someone has a gun to your head...
    It is nice to see the value of your house going up'' Why ?
    Unless you are planning to sell up and not live anywhere, I can;t see the advantage.
    If you are planning to upsize the new house will cost more.
    If you are planning to downsize your new house will cost more than it should
    If you are trying to buy your first house its almost impossible.
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