House Buying Advice

PiKe · 18 May 2009 at 13:49

It's time to seriously consider buying a house, problem is of course, money.

I have a 24k deposit I could put down and earn £16k pa before tax. what mortgage would I realistically get?

I don't want to have to buy somewhere cheap then end up refurbishing the place, I want as little hassle as possible.

Renting isn't an option as I don't want to waste money on renting but at the same time I don't want to live with my parents forever!

Energize · 18 May 2009 at 13:50

Around £100-120k I'd guess, as that would be a 24-20% deposit, unless you want to pay crazy rates or something.

PiKe · 18 May 2009 at 13:55

Eugh, £125k doesn't buy much in the way of a house here

Grrrrr · 18 May 2009 at 13:56

My advice would be to learn how to spell before buying a house...

(apologies for the totally useless post)

naknakkus · 18 May 2009 at 13:56

Would you consider getting a flat? You'd probably be able to get a pretty reasonable place for a lot less than a small house.

Paul11 · 18 May 2009 at 13:57

im not sure your salary would be enough , even if you had 25% deposit ( which you ideally need to get a good deal)

there are some 10% / 15% deals around but they hammer you on the rate and fees..

Abraham · 18 May 2009 at 13:58

you'd struggle to borrow more than 64k, which puts your total at 88k, I just wouldn't recommend buying somewhere while you're on 16k :/

PiKe · 18 May 2009 at 13:58

*cries*

And yes I just realised I spelt Advice wrong.

Reality|Bites · 18 May 2009 at 14:00

look for ex-council properties

DrDee · 18 May 2009 at 14:03

Reality|Bites said:
look for ex-council properties

Why would you want to live on a council estate? :confused:

PiKe · 18 May 2009 at 14:05

DrDee said:
Why would you want to live on a council estate?

Exactly, this I do not want.

SideWinder · 18 May 2009 at 14:06

Renting is a good option you know and you can get much more for your money. Everyone seems obsessed with 'Owning' property.

PiKe · 18 May 2009 at 14:08

SideWinder said:
Renting is a good option you know and you can get much more for your money. Everyone seems obsessed with 'Owning' property.

Because those monthly payments on a mortgage make it a bit more yours every month...

Kreeeee · 18 May 2009 at 14:10

SideWinder said:
Renting is a good option you know and you can get much more for your money. Everyone seems obsessed with 'Owning' property.

Because renting is effectively pouring money down the drain.

PiKe · 18 May 2009 at 14:13

Maybe I should look at getting a second job

Rotty · 18 May 2009 at 14:18

yes more like £75-90k in reality ( including deposit )

Rotty · 18 May 2009 at 14:20

DrDee said:
Why would you want to live on a council estate?

sure most do not want to but if that's what you can afford

Reality|Bites · 18 May 2009 at 14:21

Maybe get somewhere cheap for your first home then sell it on after a few years?

I don't think many people buy their ideal home first time around do they?

Reality|Bites · 18 May 2009 at 14:23

I would really grudge buying a house similar to my parents, When my mum bought it 16 years ago it only cost £39k, Now it's worth £90k, nearly 3x as much.

PiKe · 18 May 2009 at 14:28

Reality|Bites said:
I would really grudge buying a house similar to my parents, When my mum bought it 16 years ago it only cost £39k, Now it's worth £90k, nearly 3x as much.

Difference is, that's very unlikely to happen again in our lifetime.