Found 7th Oct 2009
Ok following on from my renting thread I am still wanting to move away.

As I said in my thread my sensible side is telling me not to rent.

So in my quest to find a way around things ( and it is a very long shot!!) I have found a property in my area which looks in good nick for £40,000.

My wage is not great, £15,000 a year and as the girlfriend is doing her teacher training she doesn't currently have an official income although she does get paid to do the training.

What would be the chances be and what options do I have to get the funding I need to at least attempt to purchase this property?

Just an idea?

I dont want to be slated for this and I am certainly not naeive i'm just looking to see if there is a way around it in anyway?

In other words I am extremely desperate!!!

Thanks

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19 Comments

Do you have friends or family that would act as guarantor on this loan for you? If you have someone who trusts you and knows you can afford the mortgage this may be a way for you.

Have a look at:
mortgages.co.uk/div…tml

in good nick for £40,000.!!!!!

it would be worth paying out for an in depth survey - well worth the money at that price
even on your wage think how much you would be paying out on rent as opposed to paying out on 25yr mortgage - thats if you can get one

good luck to you

Sloth/Mod

Where do you live??? Could just about get a shed here for that :w00t:

Snap it up.

wheres the house for 40k mate? be a bit wary of any property at that price these days, go see a mortgage advisor mate all the main estate agents have em in store and it will be free

great price!!! wouldnt be able to get one here for that, maybe around 100k min.

on your wage thats definatly affordable, my guess is you will get a mortgage no probs taking both your wages into account.

40k wow ....... get the yellow pages out and start talking to some independant mortgage advisors! seriously dont forget money for deposit arrangment fee survey etc!

Original Poster

im gutted just enquired and it is sold, it is a repossession and was in good nickbut it was a long shot though but if I could afford it then I would definitely look into doing it up!!! I am going to look for a few more properties.

there would have been money to be made in this property though. Not a lot but a decent amount!

a morgage company will lend 3x your yearly wage so you would be looking at 45k they would lend there are other options for a higher morgage but you would likely be paying a very high rate back. sorry to hear it has sold but at least you know i would strongly recommend you go and see a morgage advisor at your local estate agents they will tell you the maximum you could borrow and how much it would be to pay back at least then you know what to be looking for.

what area was this house in?

Whats crazy about t? Go For it...........

Dont know where you live mate but you might struggle to even rent on that wage unfortunately.
I rent and pay just under £1000 a month for rent and council tax and i live on my own (but have girlfriend and kids stay over etc).
If you're seriously thinking of moving out just bear in mind ALL the new outgoings you're gonna have.
Rent/mortgage
Council tax
Electricity
Gas
Tv License
Water Rates
Car insurance/mot/tax/petrol/general running costs (if you have one?)
Mobile phone
house phone?
Internet?
Food

Also all the other costs involved in getting your own place.
If you rent, you'll need a deposit which is normally 2 months rent up front, all the estate agents fees etc.
It really is expensive stuff and hard to get by.
If you add in christmas, birthday's, anniversary's and other things like buying some new clothes or aftershave or even a holiday, it just becomes almost unthinkable.
I struggle and im on £30k+.
Sorry to be so negative but just want you to be sure you've thought of everything before you take the plunge mate.

Sorry top be the bearer of bad news but for most first time buyers these days, the only real soloution is the rental market...

You're looking at a 10-20% deposit of the purchase price, average arrangement fees of around £500-£800, Land Registry fees, Local Authority Search fees (about another £200), so unless you have about £10k stashed away it's not even worth thinking about it. An i've based those estimates on your purchase price of £40k.

To be honest unless you have a decent deposit most lenders wont touch you although my financial advisor did mention in passing the other week that the 100% mortgage was being offered again by some lenders??

Get some free independant advice and see what you can borrow first, worth also bearing in mind that if your girlfriend becomes a qualified teacher you'll get a discounted mortgage rate.

Also worth bearing in mind if you've never lived together before renting for a short term period will let you know if your compatible and it'll be a damn sight cheaper to get out of than a mortgage, its probably cheaper to divorce these days than get out of a joint mortgage.

Original Poster

its in the south wales valleys, that is why it is so cheap!! Im guessing it will need some work so I probably wouldnt even move into it yet so I may be exempt from things such as council tax etc etc.

the thing is my girlfriend gets £800 a month for her teacher training so she would help with payments but not in an official way as in the mortgage would be in my name etc etc.

I know the outgoings add up and it is obviously something I would sit down and work out before hand, it was just I thought I would find out whether it would be possible to raise the funds first!

Thanks for all of that magough and to everyone elses replies!!

Go for it mate.

Houses are cheaper now than the last few years, so ideal time to jump on the property ladder.

Banned

excellant post ^^^^^^ by flodd

honestly i wouold seriously hang in where you are, do some serious saving, and i mean serious. A year out of your life is nothing and as said above you will be in a much better position once your gf become a qualified teacher. I dont know how much property is in your area but even as a repo they only usually go for a few thousand cheaper, so either property is dirt cheap in your area or the may have been some major money needed to be spent on said property

if you really want to buy go for it my partner was made redundant last year and has only been earning £10,000 per year since he was made redundant i thought we would never manage it and i only get £800 a month our morgage is 75k if we can manage it with 3 kids i am sure you will.

Banned

greyparrot;6503463

if you really want to buy go for it my partner was made redundant last … if you really want to buy go for it my partner was made redundant last year and has only been earning £10,000 per year since he was made redundant i thought we would never manage it and i only get £800 a month our morgage is 75k if we can manage it with 3 kids i am sure you will.



but you already have a home set up, this is buying a house and setting up home, you will have all the furnishing, washing machine, fridge, suite, curtains, etc,etc and on that wage no doubt you will also get a wad of tax credits

sassie;6503493

but you already have a home set up, this is buying a house and setting up … but you already have a home set up, this is buying a house and setting up home, you will have all the furnishing, washing machine, fridge, suite, curtains, etc,etc and on that wage no doubt you will also get a wad of tax credits



ermm yeah fair enough yeah i have owned my home for 9 years so i do have everything. and the £800 a month i get is tax credits.

If all the affordable housing hadnt been hoovered up by greedy landlords then there might have been something to enable young people to get onto the housing ladder.

Sloth/Mod

tinkerbell28;6503548

I will say it again before it gets lost in the thread WAIT!!!!!!!!!!!!! … I will say it again before it gets lost in the thread WAIT!!!!!!!!!!!!! Your gf in a year will be a keyworker and entitled to all sorts of schemes, mortgage so just wait and save and start looking for key worker stuff in your area or where she may be working! Unless she has a set job you need to hold off anyway as you don't know where she will be getting a job for a start some teachers have a hell of a commute nowdays to work.



That will no doubt be abolished after the next election..............pay rise anyone?? :lol: ;-)
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