Help do we buy or do we still rent for another year

becca01

Hi at present we are in rented accomandation, but have been given notice to leave in May, we were hoping to get a council property but that now doesn't seem possible for at least another year or so, what do I do risk trying to get a mortgage with the currant credit crunch or rent again for another year, (bearing in mind this wil be my 3 kids 5th move in 18 months) Advice please

Tiddler_2

Personally, I would look to carry on renting as house prices look like they will continue to fall for a couple of months.

Do you have a deposit to put down on a property if you were to buy? If you don't you may not be able to get a mortgage anyway, unless you qualify for one of the Homebuy schemes

becca01

No deposit cheers

brummybloke

you were hoping for council property but can afford to buy a house?

i thought council property was for people who couldnt buy a house?

anyway, personally it would depend on your circumstances, if you intend to live in the house for the next 5 or 10 years then i would buy, property may go down, it may well go back up again, just like any sort of investment.

if you only intend to live there for a couple years then renting sounds a decent option.

neas

If you cant save for a deposit your in the margin of people in this country outpriced of the housing market and forced to rent....

it sux but maybe this house price crash will help you... Skimp on everything start saving for a deposit... and rent in a cheaper accomodation... try and save as much as possible... in 2 years you'll have your own house im sure (well the banks house but you'd have a mortgage :P )

LittleMissAspie

Without a deposit you've got no chance of getting a mortgage anyway. I understand you want to avoid more disruption for your children but it is really is better to carry on renting at the moment. Try to get an AST for 12 months or even longer if you can.

Tiddler_2

becca01 wrote: »

No deposit cheers

Becca,

It may be worth talking to your local homebuy agent. You can find them here

http://www.communities.gov.uk/housing/buyingselling/ownershipschemes/homebuy/contactyourlocal/


Homebuy is a scheme where buy the government provides assistance in buying a property in exchange for a share of the property value.

It's worth a chat with them to see if you qualify and what you would need (you do have to have some savings to pay for the legal fees etc)

It's easy for people to save save for a deposit, but when you are paying rent which could be as much as a mortgage then its difficult to save quickly for that deposit