Currently living with the mother-in-law. Keen first time buyer.
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flippyflaps
Posts: 20 Forumite
Hi,
Me and my newly appointed mrs are looking to delve into the property market (and stop the madness of living with my mother in law!)
Round my way we can bag a fixer-upper 3 bed semi-detached for about £80,000.
Now, by October we should have about £13,000 saved, or in April next year it could be £20,000.
What's your advice? Should we go for it in October or April? Is a 10% mortgage a possiblity (we have good credit scores), or a rip-off at the moment?
Ps, please note the section about living with my mother in law.
Cheers!
Me and my newly appointed mrs are looking to delve into the property market (and stop the madness of living with my mother in law!)
Round my way we can bag a fixer-upper 3 bed semi-detached for about £80,000.
Now, by October we should have about £13,000 saved, or in April next year it could be £20,000.
What's your advice? Should we go for it in October or April? Is a 10% mortgage a possiblity (we have good credit scores), or a rip-off at the moment?
Ps, please note the section about living with my mother in law.
Cheers!
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Comments
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90% will be a) very expensive, and b) very hard to get due to extremely tight credit scores. If you can hold out for a 25% deposit (or even 20%) then you will find mortgages much easier to get, much cheaper, and you may benefit from further falls in house prices (the emphasis on may on the last part).0
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flippyflaps wrote: »Hi,
Me and my newly appointed mrs are looking to delve into the property market (and stop the madness of living with my mother in law!)
Round my way we can bag a fixer-upper 3 bed semi-detached for about £80,000.
Now, by October we should have about £13,000 saved, or in April next year it could be £20,000.
What's your advice? Should we go for it in October or April? Is a 10% mortgage a possiblity (we have good credit scores), or a rip-off at the moment?
Ps, please note the section about living with my mother in law.
Cheers!
LOL - Myself and my husband have been living with my mother for the last few years in between travelling etc! So I feel your pain!!! haha actually my mother is fantastic but its far from ideal!!
Anyway - we have just bought our first house for 145,000. Our mortgage is with Natwest - its a FTB mortgage for 90% at 5.99% fixed for 5 years.
If you have 8,000 saved already I would start looking straight away! You will only then need a mortgage of 72000 a month. Your monthly repayments for the next 5 years would be about £463 a month. So not too expensive. However if you can save more then you would get a better rate if you get a bigger deposit - however from all the indications it looks as though house prices wont really get much lower and will start going up in price.
Good luck!!0 -
I feel sorry for you. LOL. When I got married, one of the criteria was to rent or buy, as no.............way living with any in laws..... Just no way...
How do you guys/girls get your privacy? You all must be muffling your sounds alot. LOL.
Rule of thumb is always........the more money you have the better house you can get and as long as it is affordable.
Make sure you have money for initial costs for the mortgage and solicitor fees. People even forget to save money for DIY jobs and even furniture!!Motto: 'If you don't ask, you don't get!!'
Remember to say thank you to people who help you out!
Also, thank you to people who help me out.0 -
Thanks for the help folks.
How would i be able to quickly find the current best deals? Just so i can get a ball park figure...
Cheers!0
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