The thread was "your chances of owning your own home". I said I could barely afford a flat in Cambridge with my fiancee but I'll be moving to the US where I can afford a nice big house and hence answering the OP. Will have to see how it all works out.
Your chances of owning your own home?
- Thread starter PiKe
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The thread was "your chances of owning your own home". I said I could barely afford a flat in Cambridge with my fiancee but I'll be moving to the US where I can afford a nice big house and hence answering the OP. Will have to see how it all works out.
I mean finalising the mortgage applicationIt'll be a number of years before I've paid it off although the process should be made slightly less painful as I'll be renting out the other two rooms and possibly a third if I decide to convert the dining room into a livingroom and close off the living room to make a third bedroom! So far as I've heard applying for the motgage is the biggest obsticle to pass when buying a house so at least that's almost out of the way.
I think it's made out to be worse than it is by a lot of people, as long as you aren't a credit risk ie CCJ/Bankruptcy or a lot of late/missed payments on CC/Loans etc.
I know a few mortgage advisors personally and they all say the only real change is that banks aren't lending to people who are risky based on their history whereas in the past they would.
I can echo this, that and the lenders are actually doing their checks properly now. I have just had another offer of advance agreed and the amount of documentation i had to supply was unbelievable in comparison to that which i have had to produce in the past.
Its good that they are clamping down, i guess?
My mother has been kind enough to offer a loan for a deposit. She'll remortgage her own house and I'll pay it off, but this of course means I'll have an extra monthly payment to make, which will hamper my "reach" when it comes to getting my own mortgage.
As for renting being dead money - you mention owning a car and yet you obviously don't consider that dead money?
As for renting being dead money - you mention owning a car and yet you obviously don't consider that dead money?
Soldato
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[TW]Fox;20066200 said:
Damnit I have to agree 100% with Fox.
I'm off to whip myself with birch twigs now as penance
Caporegime
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Exactly what we did last year. We were looking at new builds and builds up to 10 years old. Built for profit and not for use. We ended up buying a 1970's 3 bed detached. Big back garden. Front garden with space for two cars plus a garage big enough to fit a decent size saloon in. Most new builds can barely fit a mini in the garage and all the houses overlook each other. It obviously had it's downsides too as it is a older house but most of it was done by the previous owners. Just mainly redecorating on our behalf and a little rewiring and setting up a network.
I will be mortgage free in my early 40's. Most likely treat myself and the missus for say 5 years then be saving up for a house to let for retirement in my 70's. Only 45 years to go
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Soldato
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Waiting to hear back on a mortgage but since the government have told the credit union to stop lending money I won't be holding my breath. Not even looking to borrow that much 
Managed to get my first property this year, one bedroom flat on the outskirts of Cambridge with a large living room/kitchen (21'x19'). Had some help from my grandma on the deposit to get it to 10%. For me, I think it was a wise decision as I'm in a decent job, decent wage and renting in/near Cambridge is very expensive for somewhere half decent. Mortgage repayment = £500, decent flat in/near Cambridge = £750-£850.
Hoping to move into a house in a few years though.
Hoping to move into a house in a few years though.
Yes of course by renting you're paying for a service, it's just a shame that in 20-25 years time, unlike buying, you've got absolutely bugger all to show for it, and you'll still be forking out hundreds/thousands of pounds a month! I'd rather pay slightly more on my mortgage than pay off somebody elses tbh.
I suppose because you own the car?
Would be different if it was lease hire as that is like renting i suppose!
I suppose for those who want to settle down, own their own house and have something there for retirement thats not renting etc. then renting would seem like dead money, its money you could be saving for a deposit or paying back on a mortgage.
I would happily or rather would deal with living with parents if it was possible just to save for a deposit rather than paying rent!
![[TW]Fox](/data/man-of-honor/2009.png){kind=avatar}
This is the bit that gets me a bit confused. How can you not afford to move out if you've been working for years and live at home? You are in the best possible opportunity to get a massive pile of cash behind you to facilitate your future. You have very low living costs and most of your money is your own yet you can't afford to move out?
Living at home is a fantastic opportunity for the future - if you don't use it as such then its a waste..
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[TW]Fox;20070728 said:
i often wonder this myself. same as i wonder how some people on decent wages are skint the week after pay day. it's usually because they hit 18 and wanted something flash, a new car, extravagant clothing etc so took out a loan which they ended up paying into their mid 20's and then never managed to get the balance back. i was told at 16 to never take out a loan or get in debt. i was lucky as i have very supportive parents and have never needed to take out a loan, i loaned money off them for my second car but paid them back, they kindly added no interest but i still paid it all back at the agreed schedule, i would do the same for my children. i have always been good at saving and (mostly) resisted buying extravagant stuff that i just didn't need. a lot of my friends also spent ridiculous amounts of cash on recreational drugs on a weekend, i have never done this. bottom line is, i don't think enough parents explain the importance of saving and not getting into debt to their children, even if interest rates do suck atm as this effects them in more ways than having a lovely car they can't afford to put fuel into.
