House Buying....

[matt_vtr_15]

Currently just looking ahead to the future and possibly what may be happening. I am getting a payrise once qualified in June and it will bump up the money i have quite considerably.

Basic looking around at houses and obviously not planning on buying just yet but sometime in the future, something similiar to the link below, also try and get somewhere before the market picks up again...

Just kind of done a calucltor kind of thing and worked out how much we would spend a month etc and came upto just under £26,000 a year between two of us so just over a grand each a month...

is this right?

Anybody else with a house could give comments and think it would be more or less please let us know... would be looking at a mortgage of around 600 quid a month.. The above includes car insurance,petrol costs and food,electric and internet etc... cheers....

http://www.rightmove.co.uk/property-for-sale/property-10477110.html?locationIdentifier=REGION%5E89243&sortByPriceDescending=false&pageNumber=2&backToListURL=%2Fproperty-for-sale%2Ffind.html%3FlocationIdentifier%3DREGION%255 E89243%26sortByPriceDescending%3Dfalse%26index%3D1 0

[Karl]

how long'er mortgage and what price of house is that?

Also, is that interest only the mortgage?

+ what deposit on house?

[Nij]

£600 is a steal mate, but me thinks you best recheck your maths.

Kte and myself have a house;
Mortgage - £500
Insurances - £100
Food - £150
Bills (elecky/gas/water) - £100
TV License/Phone/Virgin Media - £75
Other bits - £30

Thats per month, not including going out, fuel etc........

For the reccord our house is worth roughly £118k on a long mortgage

[Mark51]

my outgoings for everything are £2k a month, its the little things that add up and the luxarys of sky, internet, contract phone, going out on the lash, eating out, running two cars, etc...

[Nij]

my outgoings for everything are £2k a month, its the little things that add up and the luxarys of sky, internet, contract phone, going out on the lash, eating out, running two cars, etc...

how we do it mate, is our lasses wage pays the bills and i top it up (and she aint on bad money)

[matt_vtr_15]

house is 100k and we were thinking about 25-30 year mortgage, looking on a morgage calculator and it came up with £550 as the monthly repayments... with best current interest rate..

thinking about a 10k deposit too.. so would be a 90k mortgage

we have put all the little things in that we can think of such as clothes and going out etc and insurance and all that gubbens....

i don't think my maths is wrong...but it may be thats why i wanted to ask make sure i havent missed anything major out...

[laura_g]

its probably better to rent in the current economic situation, its really hard to get a mortgage nowadays and many banks would like a higher deposit then 10%

[matt_vtr_15]

its probably better to rent in the current economic situation, its really hard to get a mortgage nowadays and many banks would like a higher deposit then 10%

nahh.. rather live at home than rent..

[Mattt-VTR]

If you can afford it on the income you and JoJo get then go for it, aslong as you will be financially stable and have planned it in the long run then why not go for it! Worth shopping around though, make a decision over 2-3 months if u see what i mean!

[laura_g]

nahh.. rather live at home than rent..

renting is wasted money i agree but its safer then splashing out on a mortgage

[matt_vtr_15]

If you can afford it on the income you and JoJo get then go for it, aslong as you will be financially stable and have planned it in the long run then why not go for it! Worth shopping around though, make a decision over 2-3 months if u see what i mean!

yeah that is exactly what we are gunna do, i won't be qualified until june/july for a start and then will be saving for a place..jo already has a chunk saved and i could save up pretty quick...

we have covered literally everything such as council tax,petrol,insurance,elec,water,gas and sky package for phone and web etc... it also includes setting money aside for going out,clothes and food..


it covers literally everything we would spend in a month and we would have around 400-500 quid spare a month which would be saved, and spent on luxuries such as more nights out and also cover months when car tax etc is due... and jojos boob job

it seems affordable...but not until i get my payrise :(....

[Mattt-VTR]

yeah that is exactly what we are gunna do, i won't be qualified until june/july for a start and then will be saving for a place..jo already has a chunk saved and i could save up pretty quick...

we have covered literally everything such as council tax,petrol,insurance,elec,water,gas and sky package for phone and web etc... it also includes setting money aside for going out,clothes and food..


it covers literally everything we would spend in a month and we would have around 400-500 quid spare a month which would be saved, and spent on luxuries such as more nights out and also cover months when car tax etc is due... and jojos boob job

it seems affordable...but not until i get my payrise :(....

Sounds like you could easily afford it and have enough cash left to live comfortably and have all your little luxuries.

[matt_vtr_15]

renting is wasted money i agree but its safer then splashing out on a mortgage

i agree, but it's not about moving out from home...mainly trying to get a foot on the ladder why it is possible, as this time two years ago it was extremely hard for most young people as houses prices where so extortionate..eventually it will get the same...

i also know the area well and it is a nice area, little crime etc, also there is a lot of new builds and planning permission is gained pretty easy around there, so would possibly draw up the plans for a garage and loft conversion etc to increase the value and move onwards and upwards....

[matt_vtr_15]

Sounds like you could easily afford it and have enough cash left to live comfortably and have all your little luxuries.

yeah it should be, not bad really as i will be 20 this july so it is a good age...

i would love to have my own house, well our house as i would do plenty of changes to it and have a different interior design...

[Mark51]

house is 100k and we were thinking about 25-30 year mortgage, looking on a morgage calculator and it came up with £550 as the monthly repayments... with best current interest rate..

thinking about a 10k deposit too.. so would be a 90k mortgage

we have put all the little things in that we can think of such as clothes and going out etc and insurance and all that gubbens....

i don't think my maths is wrong...but it may be thats why i wanted to ask make sure i havent missed anything major out...

if your calculations are correct in the first half then thats spot on, our mortgage is £657 on month on a £115k mortgage over 35 years. if you do it soon and the interest rate is still low then it would be very wise to get a fixed term mortgage for as long as you can as i cant see the rate dropping much more.

Your better buying now than renting as house prices have fallen drastically, as long as you can afford to do it then do it.

when working out your budget your better over estimating than trying to do it to the penny as things tend to change.

[matt_vtr_15]

if your calculations are correct in the first half then thats spot on, our mortgage is £657 on month on a £115k mortgage over 35 years. if you do it soon and the interest rate is still low then it would be very wise to get a fixed term mortgage for as long as you can as i cant see the rate dropping much more.

Your better buying now than renting as house prices have fallen drastically, as long as you can afford to do it then do it.

when working out your budget your better over estimating than trying to do it to the penny as things tend to change.

cheers mate very helpful that is, yeah we have overestimated.. we had a quick chat with jojo's dad and we literally rated all of our bills the same price as his such as elec, heating etc to overcompensate...her dad pays for 4 people in a house whereas we only have 2 so we have a bit of contingency...

i am really interested in doing it as it seems such a right time...and yeah would be fixed rate...

[laura_g]

i agree, but it's not about moving out from home...mainly trying to get a foot on the ladder why it is possible, as this time two years ago it was extremely hard for most young people as houses prices where so extortionate..eventually it will get the same...

i also know the area well and it is a nice area, little crime etc, also there is a lot of new builds and planning permission is gained pretty easy around there, so would possibly draw up the plans for a garage and loft conversion etc to increase the value and move onwards and upwards....

I guess new houses seem to offer very good offers for first time buyers aswell though

[matt_vtr_15]

this place is in the same area
http://www.propertyfinder.com/cgi-bin/rsearch?a=o&id=504297239

it seems to be that when property prices are low in this area there extremely low but when high should make a mint, comparing prices from here to around jo's house is incredible...get much more house around the area in above link...

also has a saxo on the drive (maybe meant to be)...

the link above would be affordable and bump the mortgage up slightly but still be fine...

[stinkycheese]

i wish house prices were that cheap round here!!
my mate is paying £700 a month rent for a studio flat

[matt_vtr_15]

i wish house prices were that cheap round here!!
my mate is paying £700 a month rent for a studio flat

yeah it is incredibly good prices in that one particular area, everywhere else seems a little more expensive...

i think i need to get to my boss and tell him to give me the pay rise in advance...

[Barry123]

good luck getting a mortgage mofo's!

hard as hell at the moment.

[matt_vtr_15]

good luck getting a mortgage mofo's!

hard as hell at the moment.

you been trying mate?

i was hoping if we chuck down a nice chunly deposit it may help...

[Barry123]

you been trying mate?

i was hoping if we chuck down a nice chunly deposit it may help...

parents are buying another house, actually i think it's theirs now :ponder: but yeah issues getting the mortgage and a chunkier deposit than expected was needed.

you're looking at £20k for every £100k borrowed at the moment.

[bullit]

i wish house prices were that cheap round here!!
my mate is paying £700 a month rent for a studio flat

couple of my mate have a penthouse top floor flat in centre of town with outside terrace all the way round it. underground parking etc 800 a month, i reckon it would have been more a year ago


i didnt even put a deposit down on mine lol