tek-monkey
wanna see my snake?
We can but hope!
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ah right, so it is possible to buy a house with absolutely no capital behind you at all? that's good to know.. as i say, between us me and the missus have a few grand squirreled away, so it's nice to know we have options..tek-monkey said:As said, I got the 40% load off the gov to use as the deposit. Actual capital? All negative!
to be honest, that's sort of what i wanted to hear.. as in, i wasn't sure if it was just me who felt like i had no chance of buying, with no prospect in sight.. from the responses in this thread, it sounds as if all new-buyers are in the same boat, so i might as well just forget about it lol..Lucy said:There's no way I'd be able to buy now ... I feel sorry for anyone who is trying to purchase at the moment, it seems impossible.
I'll send you some photos of my house, or you're more than welcome to come have a butchers' if you like, its fairly typical of the houses on the hill and i think you'll like it. The kitchen in particular, despite being a little small (9' x 9' or thereabouts) is fitted out beautifully. It's also on the doorstep for where you work too.dirtybobby said:excellent, tagk141054 said:Its all here: http://www.ownhome.co.uk/servlet/Satellite?cid=1213946567253&pagename=CFScombi/Page/CFSCtplBlank
tbh i think i'm barking up the wrong tree anyway.. the only reason i want in that house is because of the gorgeous, modern fitted kitchen, and the nice living room, etc.. the house i'm in at the moment looks like it was built by drunken one-eyed morons, but as i say i can't go about fixing anything because i don't own the place.. i guess, rather than plunging my heart and soul into saving for a house which i will inevitably have to throw money at in order to get it up to scratch anyway, i would be much better just looking to rent a better house that's got everything i need "out of the box"!
I was offered up to 5 times my salary when I bought; but I think I'd only get 3 and a half times now, as long as I had a deposit.shoes said:Glad I'm not that only person who was wondering this. When I was living with my ex, we had a very comfortable income but the the options for buying a house were so limited at that point, we had no choice but to borrow 15k off of her parents and then take a mortgage which would have meant a pretty reserved social life, all to buy a terraced house on oxford gardens, which I would never do because my parents live on that street
Thankfully we never went for it, it would have probably made life fairly miserable. What kind of a mortgage can you get on 25k anyway? The flat above us on peter james court went for £122k (good old land registry ) which is almost five times £25k. This means no lender will even let you have a mint imperial from their desk, let alone enter into a serious discussion about home ownership with you. Maybe home ownership is reserved for the twee couples who are very careful with their money and have reasonable income between them.
In the meantime, house prices in south africa just keep going down so if you don't mind a few gun weilding insurgents keeping you on your toes, then thats an option
Like anything in life... you save up and buy outright or you take a mortgage and pay interest but get to live in the house in the meantime.dylanf said:The interest you pay on a mortgage is horrific.
I'm making a lot of assumptions here but if you have never owned a house before, IMHO you shouldn't be thinking about jumping straight into the "average house"........ (unless of course you can afford it but then you shouldn't complain about them being too much), you should be looking to start at the bottom and work up, not just jump into the "average house" You can pick up a 2 bed semi in Stafford for £80k and £100k..... deposit on these would work out £8 to £10.... not an unreasonable figure to expect people to save up IMHO.dylanf said:According to the BBC, the average house price in the ST17 9Y.. area is £174,699
If I baught this house id need £17.500 as a deposit.
Might want to re-check that 4% figure.... And "normally" mortgages are taken over 25 years so would be better to use that too for comparative purposes.dylanf said:At an interest rate of 4% over a 20 year mortgage id be paying £952.60 per month.
Overpaying can cut that figure in half easily..... obviously only if you can afford it, but just saying it doesn't have to be that much.dylanf said:Thats £71 425 in interest alone.
Are you comparing like for like though... i.e. are you currently renting this "average £175,000 house? Plus you don't account for house price appreciation (although you did mention it), the fact that after 25 years you have somewhere to live rent free etc.dylanf said:Im currently paying £475.00 a month in rent. So in theory im saving £477.00 per month.
my immediate thought was whats wrong with it at that price....and the answer is its non-mortgageable.tek-monkey said:Needs a bit of work, but what about this:
http://www.rightmove.co.uk/property-for-sale/property-23795884.html?utm_content=ealertspropertyimage&utm_medium=email&utm_source=emailupdates&utm_campaign=emailupdates_jan09&utm_term=buying&onetime_FromEmail=true&sc_id=4313214