FTB - should I or should I? Advice required please and IFAs about?

Neiliboy

Hiya,

My wife and I have are now in our late 20's having saved around 25k for a deposit.

She is a school teacher and is entitled to borrow max £50k as an equity loan.

We've seen a 4 bed property here in Cambridge for £279k and the lady sold it for £265k subject to the buyer selling his property and moving into the one we've also seen.

As far as i'm aware she still has not sold it and is still waiting for her buyer to sell his preoperty. So I have two questions really

1. Would it be advisable to actually put an offer into *any* property bearing in mind the current market conditions. I was thinking of matching the offer and telling her we could act quite fast as we have no chain.

2. Assuming a property of £265k with a 65k deposit and a £200k mortgage what sort of repaymenst could i expect as an FTB? I was quoted around £1000 p/m interest only last summer which is affordable for me but i really havnt a clue what the rates are like now - ball park figures are more then welcome.

Whats a little bit frustrating for me is alot of people have been saying wait 6 months.....but they've been saying that for the last 2 years! My Wife is pregnant with our 3rd child and i'd really like to get into a bigger place sooner rather than later so this is whats spurring me on to go for it but, again....lots of people are telling me to wait 6 months!

*Edit* sorry title should read 'any IFAs about'

Many thanks in advance for your advice

Neil

Neiliboy

oh come on people 35 views and no reply?? Do i smell or somet??

Dan_Collins_2

Hi Neiliboy

Well, if you really want the property and can afford it why not. In the short term you may find the valuation will go down so be prepered to sit it out. You will however see it go back up again but not in the short term. Then again Cambridge is hot for property.

200k at 6% will be about £1300 on repayment over 25 years. The timingg coudl be better, but you have to do what you have to do somethimes and as long as you are aware of the risks involved and protect your self then go for it.

Get your self a local broker, WoM etc etc

Neiliboy

Hi Dan,

Thanks for that - exactly the kind of info i'm after.

Sorry who, or what, is WoM? :-)

Neiliboy

oh, and also what sort of repayment (just ball park ) would i be looking at for interest only? Thanks :-)

poppy_f1

Neiliboy wrote: »

Hi Dan,

Thanks for that - exactly the kind of info i'm after.

Sorry who, or what, is WoM? :-)

whole of market i assume

and go to any banks website and you can play about with their mortgage calculators

epsilondraconis

Neiliboy wrote: »

Hi Dan,

Thanks for that - exactly the kind of info i'm after.

Sorry who, or what, is WoM? :-)

I believe it means whole of market....

Neiliboy

brilliant thanks guys