wanting to buy a house next year but a few questions

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

42 Comments

where can i buy a house for 85/95k

down round here its 200/250k + bah

Banned

numptyj;8169222

where can i buy a house for 85/95kdown round here its 200/250k + bah



thiiiiiiiiiiiiiiiissssssssssssss

Original Poster

lol yea 3 bed semi here 85/95k here in the east mids

Banned

numptyj;8169222

where can i buy a house for 85/95kdown round here its 200/250k + bah



I think i can sell my single garage for that much, if you want it!

Banned

sme24185;8169260

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

plenty 85/95k houses in midlands my dad on a spending spree buying

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 … 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.

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

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!!!!

rosalie;8169447

wait a few years then you will be able to sell it for more than you paid … wait a few years then you will be able to sell it for more than you paid



Possibly.

baffledsalmon;8169465

HOW MUCH?!?!?!?! I live in Birmingham and pay almost a grand a month … 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.

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

Original Poster

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

Get rid of the car, put your money in to property before it's too late, prices will rise again.

Banned

Inactive;8169823

Get rid of the car, put your money in to property before it's too late, … 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).

2 bed flat in west sussex (near the beach) £220 /month!!

jackt010;8170681

2 bed flat in west sussex (near the beach) £220 /month!!



In South Terrace right?

No thanks!

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

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

direct.gov.uk/en/…233

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.

the__mayster;8170966

My girlfriend and i are looking to get somewhere to rent, but for £220 … 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.

Benjimoron;8170722

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

ChrisUK;8170862

Get the house valued at more than you buy it for & use the figure … 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.

csiman;8170529

price are rising again thankfully :-D15% increase around my way in the … price are rising again thankfully :-D15% 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

thefilbertfox;8178813

The signs of a Bull Trap that some analysts believe is currently … 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!

csiman;8170529

price are rising again thankfully :-D15% increase around my way in the … price are rising again thankfully :-D15% 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

crazyniz;8552556

surely this price rise wont continue...when we finally decide on a … 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

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

I have a £41,000 interest only mortgage and pay £71 per month

csiman;8554639

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.

just realised how old this thread is lol.

jackt010;8170681

2 bed flat in west sussex (near the beach) £220 /month!!


Benjimoron;8170722

In South Terrace right?No thanks!


jackt010;8171832

some of them are ok..... its what you make of it when your behind your … 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

greyparrot;8554720

why would you go for interest only? never understand that as you will … 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

csiman;8554964

cos £41,000 will be a fraction of its value in 25 years time. My parents … 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

awoodhall2003;8555114

Suppose it is ok if you know you will still have the property in 15+ … 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:

csiman;8555233

if mortgage interest rate goes above savings interest rate, then I just … 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

awoodhall2003;8555396

Nice one!Although we are only just finalising out first purchase as it is … 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:

csiman;8555514

staircasing? :thinking:



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

csiman;8555514

staircasing? :thinking:



Benjimoron;8555664

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



yeah this.

Banned

Oh I see. Probably worth staircasing if property values go up significantly

Banned

awoodhall2003;8555396

Nice one!Although we are only just finalising out first purchase as it is … 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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