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wanting to buy a house next year but a few questions

sme24185 Avatar
6y, 8m agoPosted 6 years, 8 months ago
hi people as above i want to buy a house next year, we paying around £240 amonth on this place we in at the min, been here 8yrs but thinking i wanting to buy now not rent, been looking and some not so bad places around the £85-£95k mark, alot can been done with them etc driveway etc, but if we was to buy what sort of deposit would i need to start? and what sort of price would i be paying amonth?

also we renting by council so would it be best to transfer to a house we like and buy that would it be alot cheaper?
or a private one?

any advice would be good.
thanks
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sme24185 Avatar
6y, 8m agoPosted 6 years, 8 months ago
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#1
where can i buy a house for 85/95k

down round here its 200/250k + bah
banned#2
numptyj
where can i buy a house for 85/95k

down round here its 200/250k + bah


thiiiiiiiiiiiiiiiissssssssssssss
#3
lol yea 3 bed semi here 85/95k here in the east mids
banned#4
numptyj
where can i buy a house for 85/95k

down round here its 200/250k + bah


I think i can sell my single garage for that much, if you want it!
banned#5
sme24185
lol yea 3 bed semi here 85/95k here in the east mids


that's nuts! my sis lives in bham n was telling me to buy a couple of houses up there to rent out... I might just do that in time for the highspeed rail link thingamy

to answer your questions: you should aim to have atleast 20% as a down payment but if you have 40% you will get the better rates. how much you are going to pay depends on how long you are having the mortgage, if its interest only, 20% downpayment ect ect.... speak to a mortgage broker or there are calculators online
#6
plenty 85/95k houses in midlands my dad on a spending spree buying
#7
what sort of deposit would i need to start?


That depends on the lender. The more deposit you have, the more options you'll have.

what sort of price would i be paying amonth?


Depends on your deposit.

also we renting by council so would it be best to transfer to a house we like and buy that would it be alot cheaper?


Ask the council how much discount you'll get if you are eligible for right to buy.
#8
as you have been in a council house you can get it for a less than the house is worth they take off so much for every year you have been renting. you might struggle to get a swap or upgrade depending on your area. if you go for private you will be paying a lot more even for a ex council house. if you buy your council house remember that you cannot sell it for 2 years or you have to pay the council back the extra amount they knocked off for you.
around here can buy the council house for about £55,000 but private ones in same street selling for £75,000 so might be better to get on the property ladder by buying the house you have, doing it up if it needs doing, wait a few years then you will be able to sell it for more than you paid and u will have a better down payment for a bigger house unless you need bigger now
also the council can help you regarding the mortgage as well usually at a better rate
corinne
#9
HOW MUCH?!?!?!?! I live in Birmingham and pay almost a grand a month excluding bills (but bearing in mind that's a penthouse)! Even so... I don't think I've seen anywhere for under £400 a month... Well, anywhere that's liveable!!! Certainly not 3 bedroomed houses!! You can say that you live in the East Mids, but I know places aren't that cheap unless they're seriously run down... as in... not even habitable!!!!
#10
rosalie
wait a few years then you will be able to sell it for more than you paid


Possibly.

baffledsalmon
HOW MUCH?!?!?!?! I live in Birmingham and pay almost a grand a month exclusing bills (but bearing in mind that's a penthouse)! Even so... I don't think I've seen anywhere for under £400 a month... Well, anywhere that's liveable!!! Certainly not 3 bedroomed houses!! You can say that you live in the East Mids, but I know places aren't that cheap unless they're seriously run down... as in... not even habitable!!!!


They won't be in the best areas, but not necessarily run down.
#11
a council house can charge for example about £280 a month for a 3bed semi but an ex council house can get £480 a month for same style house its nuts but its true at least round here and they are definitly habitable
#12
im in a 2bed flat £240ish amonth,
i want a house dont have to be 3bed semi but looking for best i could get?
i have a £9k car at min so want to pay that off before i look at saving
i want around £7.500- £10k before i make my mind up but looking for advice
thanks
#13
Get rid of the car, put your money in to property before it's too late, prices will rise again.
banned#14
Inactive;8169823
Get rid of the car, put your money in to property before it's too late, prices will rise again.

price are rising again thankfully :-D

15% increase around my way in the last year! :w00t:

OP, work out how much you can afford but you are going to have to face thew fact that even with just an 80k mortgage, you will be looking at paying double what you currently pay in rent (plus bills).
#15
2 bed flat in west sussex (near the beach) £220 /month!!
#16
jackt010
2 bed flat in west sussex (near the beach) £220 /month!!


In South Terrace right?

No thanks!
#17
Get the house valued at more than you buy it for & use the figure inbetween as a "paper" deposit. I bought mine like this so I didn't have to save for a deposit.

My "paper" deposit was £7.5k
#18
your deposit will be whatever you can afford. the more you put in the better your monthly repayments will be. Look for 20-30% as a good figure.

another option is to look at shared equity. This is where the Government pay a 30% deposit, and you pay 5% of the remaining as your deposit (so 3.5% of the total value) and then you pay your mortgage as usual.

when you sell you pay 30% of the sale back to the Government

http://www.direct.gov.uk/en/HomeAndCommunity/BuyingAndSellingYourHome/HomeBuyingSchemes/DG_233
#19
My girlfriend and i are looking to get somewhere to rent, but for £220 that would be each! For a one bedroom flat. Let alone together.
#20
the__mayster
My girlfriend and i are looking to get somewhere to rent, but for £220 that would be each! For a one bedroom flat. Let alone together.



dont forget to take into account Water, Gas, Electric, Council Tax, Phone, Internet, Contents Insurance and then review that figure. I pay £225 rent a month and an additional £110 bills living in a 4 person house-share. we all pay this so the bills for 2 people could be as high as £300.
#21
Benjimoron
In South Terrace right?

No thanks!


some of them are ok..... its what you make of it when your behind your door..... and not a bad place to start! allot of the druggies etc have been moved out the anti socials are being moved / thrown out
#22
ChrisUK
Get the house valued at more than you buy it for & use the figure inbetween as a "paper" deposit. I bought mine like this so I didn't have to save for a deposit.

My "paper" deposit was £7.5k


Involves the vendor bending the rules which most aren't likely to do.
#23
csiman
price are rising again thankfully :-D

15% increase around my way in the last year! :w00t:



The signs of a Bull Trap that some analysts believe is currently happening in the UK housing market. Interesting reading if you get a spare minute.

Clicky
#24
thefilbertfox
The signs of a Bull Trap that some analysts believe is currently happening in the UK housing market. Interesting reading if you get a spare minute.

Clicky


I got my bulls trapped once. ouch!
#25
csiman
price are rising again thankfully :-D

15% increase around my way in the last year! :w00t:

OP, work out how much you can afford but you are going to have to face thew fact that even with just an 80k mortgage, you will be looking at paying double what you currently pay in rent (plus bills).


surely this price rise wont continue...when we finally decide on a govenment...and start taxing everyone like bonkers. Less people buying...lower demand....plus more houses for sale because of the high prices...increased supply....wont that lead to price drops !?!?:thinking:
banned#26
crazyniz;8552556
surely this price rise wont continue...when we finally decide on a govenment...and start taxing everyone like bonkers. Less people buying...lower demand....plus more houses for sale because of the high prices...increased supply....wont that lead to price drops !?!?:thinking:

no, increasing immigration and population but housebuilding at all time low = increased demand = increasing rent / prices
#27
i dont have a clue what your morgage will cost you per month but i owe £75,000 on mine and its £550 at month on repayment.
banned#28
I have a £41,000 interest only mortgage and pay £71 per month
#29
csiman
I have a £41,000 interest only mortgage and pay £71 per month


why would you go for interest only? never understand that as you will still owe your £41,000 at the end. i dont know how many years you have taken the morgage out over but say its the standard 25 years you would of wasted that £71 per month.totalling £21,300 just on interest.
#30
just realised how old this thread is lol.
#31
jackt010
2 bed flat in west sussex (near the beach) £220 /month!!

Benjimoron
In South Terrace right?

No thanks!

jackt010
some of them are ok..... its what you make of it when your behind your door..... and not a bad place to start! allot of the druggies etc have been moved out the anti socials are being moved / thrown out

:w00t: South Terrace? Good ol' Littlehampton! I still thought they rented out for more, as when on the open market sell for £70k minimum, some if memory serves last year went for about £100k!
banned#32
greyparrot;8554720
why would you go for interest only? never understand that as you will still owe your £41,000 at the end. i dont know how many years you have taken the morgage out over but say its the standard 25 years you would of wasted that £71 per month.totalling £21,300 just on interest.

cos £41,000 will be a fraction of its value in 25 years time. My parents took out a £4000 mortgage in 1970 which was a huge amount then. Not exactly tricky to pay that off now is it really.

anyway, basically, I took out the mortgage as interest rate is 2.5% so I pay £71 per month back.

I then stuck this in a high interest account paying 4.2% so I am about £700 per year up on the deal :-D
#33
csiman
cos £41,000 will be a fraction of its value in 25 years time. My parents took out a £4000 mortgage in 1970 which was a huge amount then. Not exactly tricky to pay that off now is it really.

anyway, basically, I took out the mortgage as interest rate is 2.5% so I pay £71 per month back.

I then stuck this in a high interest account paying 4.2% so I am about £700 per year up on the deal :-D


Suppose it is ok if you know you will still have the property in 15+ years, and if the interest rate on the mortgage is fairly low it all helps.
Nice plan though, never thought of it that way!:thumbsup:
banned#34
awoodhall2003;8555114
Suppose it is ok if you know you will still have the property in 15+ years, and if the interest rate on the mortgage is fairly low it all helps.
Nice plan though, never thought of it that way!:thumbsup:

if mortgage interest rate goes above savings interest rate, then I just pay the mortgage off entirely :thumbsup:
#35
csiman
if mortgage interest rate goes above savings interest rate, then I just pay the mortgage off entirely :thumbsup:


Nice one!
Although we are only just finalising out first purchase as it is only 25% share we can staircase but due to the mortgage rates I personally don't think it is worth it, especially as the rent on the 75% share is very small really. Thus what I have proposed is after say a year of moving into our new place, don't staircase but save the money we would be paying to say buy another 25% and put it in a savings account. Therefore not losing interest on it, nor paying their interest rates on it.

Then we can use the money towards a deposit/purchase of our next property. Problem is weighing up whether the money would be better that way or if the property price is going to increase enough to make it worth while staircasing.
banned#36
awoodhall2003;8555396
Nice one!
Although we are only just finalising out first purchase as it is only 25% share we can staircase but due to the mortgage rates I personally don't think it is worth it, especially as the rent on the 75% share is very small really. Thus what I have proposed is after say a year of moving into our new place, don't staircase but save the money we would be paying to say buy another 25% and put it in a savings account. Therefore not losing interest on it, nor paying their interest rates on it.

Then we can use the money towards a deposit/purchase of our next property. Problem is weighing up whether the money would be better that way or if the property price is going to increase enough to make it worth while staircasing.

staircasing? :thinking:
#37
csiman
staircasing? :thinking:


Gradually increasing your share in a house, kinda like going up a staircase!
#38
csiman
staircasing? :thinking:


Benjimoron
Gradually increasing your share in a house, kinda like going up a staircase!


yeah this.
banned#39
Oh I see. Probably worth staircasing if property values go up significantly
banned#40
awoodhall2003
Nice one!
Although we are only just finalising out first purchase as it is only 25% share we can staircase but due to the mortgage rates I personally don't think it is worth it, especially as the rent on the 75% share is very small really. Thus what I have proposed is after say a year of moving into our new place, don't staircase but save the money we would be paying to say buy another 25% and put it in a savings account. Therefore not losing interest on it, nor paying their interest rates on it.

Then we can use the money towards a deposit/purchase of our next property. Problem is weighing up whether the money would be better that way or if the property price is going to increase enough to make it worth while staircasing.


As you know, we are in a similar scheme and we'll be staircasing. You're effectively gambling your money on the housing market though.

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