1st time buyer, can't borrow enough money

markin · 15 January 2020 at 1:04PM

In 3 years you will have 200K to put down.

What would mum & dad think about constantly supporting a successful 30 year old?

They are likely making a profit at £300 just for rent, hardly what i would call "supporting" Him, They may even need that money for all we know.

[Deleted User] · 15 January 2020 at 1:13PM

You need to be a bit more compromising on your location.

within 3 miles of your parents house is too limiting. Why not within 10 or 15 miles?

Not many people can afford their ideal location at a young age. People move away to cheaper areas then when they can afford it they move back to where they want to be.

pepita · 15 January 2020 at 1:26PM

Hi Out of Curiosity, What decision did you make?
I am currently living rented in Maidenhead, trying to buy first home in Reading as working there (me and my partner). For our budget, we can only get a flat in Reading, which I am quite not ready as loads of bad experiences with leasehold ground rent and service charges.
I was looking at Didcot, as it is 12 min from train station to train station. With the same amount, we can afford a 3 bed house in Didcot. It is not however the most stilysh town, just saying...
Still looking at options near reading within 325-350K budget.

Have you found a location worthwhile to check within Reading and outskirts?

Loanranger21 · 15 January 2020 at 1:28PM

You need to move further out, that is what most FTB do. You are young so can stand the commute.

theartfullodger · 15 January 2020 at 1:35PM

Strangely enough, amazing really, when I 1st bought in mid 1970s I was unable to buy what I wanted. Some 20+ purchases later I still don't have the swimming pool and helicopter pad.

But I survived: Just.

Skiddaw1 · 15 January 2020 at 3:15PM

sgun wrote: »

Earley, Newtown? My sister lives in Reading and that's where everyone started out if they were on a low budget (crazy to say that, £280k got me a rural large 3 bed detached with land up here in Northumberland). Now I never minded Newtown (it has a couple of decent pubs) but I do get that it isn't everyone's cup of tea. However, if you want a house rather than a flat you might just get one there. Of course, it isn't an area you would boast about living in but then most FTB have to start in the ropier areas.

I lived in East Reading (Newtown/Cemetery Junction) for many years. My old stamping ground. Nothing wrong with Newtown. As has been said, some good pubs, a wonderful Victorian cemetery (with heaps of interesting birds as well as a feral population of Muntjac deer), a lovely park (Palmer Park), some good pubs (Hope & Bear at the Junction is particularly nice as is the Anglers and Fisherman's Cottage on the Kennet & Avon towpath), shops (including a good Co-op and some fab Asian supermarkets), the best kebabs in Reading, easy access to open country/Thames, easy access to the town centre (nice walk along the towpath), easy access to the M4 and a friendly and vibrant local community. Plenty of very reasonably priced Victorian terraced houses to be had (with nice original features). Feeling all nostalgic so I am!

https://www.rightmove.co.uk/property-for-sale/property-83970089.html

seradane · 15 January 2020 at 3:28PM

From a quick search, there are currently 144 2+ bed houses in Reading for sale under £300k. Even if you drop it to £250k, there are still 24 of them. Not counting flats at all. And keep in mind most properties go for somewhat under asking price.

Sounds like there are definitely options on your budget, just have to decide what's most important to you.

gary83 · 15 January 2020 at 5:48PM

markin wrote: »

In 3 years you will have 200K to put down.

They are likely making a profit at £300 just for rent, hardly what i would call "supporting" Him, They may even need that money for all we know.

At £300 a month for board, bearing in mind he’s not paying council tax, gas, electricity, water, insurance there doesn’t seem like much profit there, add in occasional groceries and I’d suggest it’s below market rent for a lodger in the Reading area, I think that’d class as subsidising or supporting him. Again I wasn’t being judgemental, it might be a great solution for everyone, for now, I’d have just thought that after the potential next three or four years that some people are suggesting them both sides would want some of their own space.

sgun · 15 January 2020 at 5:54PM

Skiddaw1 wrote: »

I lived in East Reading (Newtown/Cemetery Junction) for many years. My old stamping ground. Nothing wrong with Newtown. As has been said, some good pubs, a wonderful Victorian cemetery (with heaps of interesting birds as well as a feral population of Muntjac deer), a lovely park (Palmer Park), some good pubs (Hope & Bear at the Junction is particularly nice as is the Anglers and Fisherman's Cottage on the Kennet & Avon towpath), shops (including a good Co-op and some fab Asian supermarkets), the best kebabs in Reading, easy access to open country/Thames, easy access to the town centre (nice walk along the towpath), easy access to the M4 and a friendly and vibrant local community. Plenty of very reasonably priced Victorian terraced houses to be had (with nice original features). Feeling all nostalgic so I am!
https://www.rightmove.co.uk/property-for-sale/property-83970089.html

Ooh now I fancy a trip back! The Lyndhurst too and how could you forget Mr Cod at the junction? :rotfl:

Skiddaw1 · 15 January 2020 at 7:14PM

The Lyndhurst was a local of ours for some years when we had a flat just around the corner!

Mr Cod was still going strong when we left town as was Ye Babam Ye (best kebabs in Reading). Pity Bella Flora closed (used to buy my Christmas wreaths from them) and it was an even bigger shame when Arthur Hill pool went defunct but many of the old Cemetery Junction institutions remain....

Do you remember when there was a cinema at the Junction (the Gramby)?

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1st time buyer, can't borrow enough money

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