First Time Buyer (Confused and in need of some guidance)

Gambit

Librium wrote: »

Gambit perhaps you should create your own thread instead of hijacking mine?

I hope this was a joke Librium! The reason I replied to your thread was that there are a lot of cases of similar questions being asked in different posts. This leads to the helpful users on the site having to retype the same answer over and over again. But reducing the number of posts about the same kind of questions, we can all talk about and discuss our similar situations without getting annoyed at having to retype the same thing...

Kez100

Gambit wrote: »

Kez100 - Yeah, I know that we need to realise what we can actually afford so have made a budget with a bit of give in it in case we need to pay more for whatever reason. But this is why we are going to start off with a 2 or 3 year fixed rate so we will at least know what the payments will have to be for the first few years.

Well done on budgetting. However, a 'bit' of give in it isn't enough IMO - a home is for life not just for christmas.

Be aware : 2-3 years will fly.

Gambit

Kez100 wrote: »

Well done on budgetting. However, a 'bit' of give in it isn't enough IMO - a home is for life not just for christmas.

Be aware : 2-3 years will fly.

Hey Kez100, yeah I was thinking that those first years would fly by. How much extra would you consider to be a good cushion on the mortgage payments? 5% or so?