Buying a house (and renting)

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pjbetman
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PostRe: Buying a house (and renting)
by pjbetman » Mon Jan 28, 2019 7:24 pm

Qikz wrote:
poshrule_uk wrote:I'm an underwriter and we lend 4.49 times income on £30k.

I guess you have loans, credit cards etc in the background bringing the figure down?


Sorry apparantly according to this external mortgage broker who helped my Dad I could get 147k which is a lot higher bit still nowhere near enough.

I don't have any credit cards or loans, never have which probably doesn't help but I've never wanted to risk being in debt.

Issue I have is "affordable housing" aka shared ownership in this area want these kind of figures:

Monthly Cost* £1,292
Rent £656 | Service charge £110 | Mortgage* £526

This is with a 30k deposit. :lol:

Jog on, how the strawberry float is that affordable. You open the scheme up to anyone who earns less than 80,000 or whatever, but unless you make close to that you don't even stand a chance.


Have you looked at your score on Experian?

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Qikz
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PostRe: Buying a house (and renting)
by Qikz » Mon Jan 28, 2019 7:36 pm

Ok, found a shared ownership place that's actually really nice and I can afford the per month cost. I've put my interest in and I'm going to call them tomorrow if I don't hear anything since I want to see it this weekend.

Might as well go for it if it's good.

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Moggy
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PostRe: Buying a house (and renting)
by Moggy » Mon Jan 28, 2019 7:38 pm

Qikz wrote:Ok, found a shared ownership place that's actually really nice and I can afford the per month cost. I've put my interest in and I'm going to call them tomorrow if I don't hear anything since I want to see it this weekend.

Might as well go for it if it's good.


Don’t just jump straight in, have a look around at a few others first. Buying a property is a very big commitment, don’t just buy the first one you see.

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Qikz
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PostRe: Buying a house (and renting)
by Qikz » Mon Jan 28, 2019 7:42 pm

Moggy wrote:
Qikz wrote:Ok, found a shared ownership place that's actually really nice and I can afford the per month cost. I've put my interest in and I'm going to call them tomorrow if I don't hear anything since I want to see it this weekend.

Might as well go for it if it's good.


Don’t just jump straight in, have a look around at a few others first. Buying a property is a very big commitment, don’t just buy the first one you see.


Issue is shared ownership around here isn't a big thing. There isn't a big number around and the ones that are on the market now are in that development (the other developments in the area are not adding any shared ownership ones) or really old buildings I'd need to rennovate.

This is in a good area, I saw it online before and I was interested in it then. It's really, really big. It'd give me like a studio to do my streaming and what not from, a massive bedroom and a living room/kitchen which is actually bigger than the place I live in now and pay obscene rent for.

I want to get out of rental and if I can I'd love to get a new place that looks nice. I won't rush in if I don't like it, but if I like it I'll go for it.

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PostRe: Buying a house (and renting)
by Moggy » Mon Jan 28, 2019 7:47 pm

Qikz wrote:
Moggy wrote:
Qikz wrote:Ok, found a shared ownership place that's actually really nice and I can afford the per month cost. I've put my interest in and I'm going to call them tomorrow if I don't hear anything since I want to see it this weekend.

Might as well go for it if it's good.


Don’t just jump straight in, have a look around at a few others first. Buying a property is a very big commitment, don’t just buy the first one you see.


Issue is shared ownership around here isn't a big thing. There isn't a big number around and the ones that are on the market now are in that development (the other developments in the area are not adding any shared ownership ones) or really old buildings I'd need to rennovate.

This is in a good area, I saw it online before and I was interested in it then. It's really, really big. It'd give me like a studio to do my streaming and what not from, a massive bedroom and a living room/kitchen which is actually bigger than the place I live in now and pay obscene rent for.

I want to get out of rental and if I can I'd love to get a new place that looks nice. I won't rush in if I don't like it, but if I like it I'll go for it.


I get that but make sure you are 100% happy with it. This is the biggest purchase you will have ever made, make sure you are sure.

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Qikz
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PostRe: Buying a house (and renting)
by Qikz » Mon Jan 28, 2019 7:55 pm

Moggy wrote:
Qikz wrote:
Moggy wrote:
Qikz wrote:Ok, found a shared ownership place that's actually really nice and I can afford the per month cost. I've put my interest in and I'm going to call them tomorrow if I don't hear anything since I want to see it this weekend.

Might as well go for it if it's good.


Don’t just jump straight in, have a look around at a few others first. Buying a property is a very big commitment, don’t just buy the first one you see.


Issue is shared ownership around here isn't a big thing. There isn't a big number around and the ones that are on the market now are in that development (the other developments in the area are not adding any shared ownership ones) or really old buildings I'd need to rennovate.

This is in a good area, I saw it online before and I was interested in it then. It's really, really big. It'd give me like a studio to do my streaming and what not from, a massive bedroom and a living room/kitchen which is actually bigger than the place I live in now and pay obscene rent for.

I want to get out of rental and if I can I'd love to get a new place that looks nice. I won't rush in if I don't like it, but if I like it I'll go for it.


I get that but make sure you are 100% happy with it. This is the biggest purchase you will have ever made, make sure you are sure.


I will do man, no worries. The thing is in the end it's the biggest present my mum will have ever given me and I wouldn't even have this chance without something extremely gooseberry fool happening, but now that happened I need to make sure I do everything in my power to use that money to give me a happy life.

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pjbetman
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PostRe: Buying a house (and renting)
by pjbetman » Mon Jan 28, 2019 8:06 pm

Qikz wrote:
Moggy wrote:
Qikz wrote:
Moggy wrote:
Qikz wrote:Ok, found a shared ownership place that's actually really nice and I can afford the per month cost. I've put my interest in and I'm going to call them tomorrow if I don't hear anything since I want to see it this weekend.

Might as well go for it if it's good.


Don’t just jump straight in, have a look around at a few others first. Buying a property is a very big commitment, don’t just buy the first one you see.


Issue is shared ownership around here isn't a big thing. There isn't a big number around and the ones that are on the market now are in that development (the other developments in the area are not adding any shared ownership ones) or really old buildings I'd need to rennovate.

This is in a good area, I saw it online before and I was interested in it then. It's really, really big. It'd give me like a studio to do my streaming and what not from, a massive bedroom and a living room/kitchen which is actually bigger than the place I live in now and pay obscene rent for.

I want to get out of rental and if I can I'd love to get a new place that looks nice. I won't rush in if I don't like it, but if I like it I'll go for it.


I get that but make sure you are 100% happy with it. This is the biggest purchase you will have ever made, make sure you are sure.


I will do man, no worries. The thing is in the end it's the biggest present my mum will have ever given me and I wouldn't even have this chance without something extremely gooseberry fool happening, but now that happened I need to make sure I do everything in my power to use that money to give me a happy life.


Good on ya man. In another 5 years you might have built up enough equity to afford your own place. Might be worth making some overpayments to build up your equity.

If you get to the stage that you own a property in London, and if you ever move anywhere else outside of London boroughs, you'll be very well off.

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Moggy
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PostRe: Buying a house (and renting)
by Moggy » Mon Jan 28, 2019 8:40 pm

pjbetman wrote:
Qikz wrote:
Moggy wrote:
Qikz wrote:
Moggy wrote:
Qikz wrote:Ok, found a shared ownership place that's actually really nice and I can afford the per month cost. I've put my interest in and I'm going to call them tomorrow if I don't hear anything since I want to see it this weekend.

Might as well go for it if it's good.


Don’t just jump straight in, have a look around at a few others first. Buying a property is a very big commitment, don’t just buy the first one you see.


Issue is shared ownership around here isn't a big thing. There isn't a big number around and the ones that are on the market now are in that development (the other developments in the area are not adding any shared ownership ones) or really old buildings I'd need to rennovate.

This is in a good area, I saw it online before and I was interested in it then. It's really, really big. It'd give me like a studio to do my streaming and what not from, a massive bedroom and a living room/kitchen which is actually bigger than the place I live in now and pay obscene rent for.

I want to get out of rental and if I can I'd love to get a new place that looks nice. I won't rush in if I don't like it, but if I like it I'll go for it.


I get that but make sure you are 100% happy with it. This is the biggest purchase you will have ever made, make sure you are sure.


I will do man, no worries. The thing is in the end it's the biggest present my mum will have ever given me and I wouldn't even have this chance without something extremely gooseberry fool happening, but now that happened I need to make sure I do everything in my power to use that money to give me a happy life.


Good on ya man. In another 5 years you might have built up enough equity to afford your own place. Might be worth making some overpayments to build up your equity.

If you get to the stage that you own a property in London, and if you ever move anywhere else outside of London boroughs, you'll be very well off.


What he said.

Make as many overpayments as you can afford, get your balance down as quickly as you can and you’ll build up some nice equity so you’ll have other options if you need them in the future.

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Qikz
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PostRe: Buying a house (and renting)
by Qikz » Tue Jan 29, 2019 4:50 pm

That feel when you look at their estimated costs on the website and you fit both the rent and mortgage comfortably then you call up to speak to their advisor to do their financial check and you fail. Based on their online calculator I'd still have 700GBP spare each month to cover and that's with additional savings in the bank just incase something bad happened.

The shared price is only 148,000. If I can't reach that with a 20% deposit how am I ever going to be able to afford a 1 bedroomed flat anywhere near where I work. It's just simply not possible.

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Jenuall
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PostRe: Buying a house (and renting)
by Jenuall » Tue Jan 29, 2019 4:57 pm

Qikz wrote:That feel when you look at their estimated costs on the website and you fit both the rent and mortgage comfortably then you call up to speak to their advisor to do their financial check and you fail. Based on their online calculator I'd still have 700GBP spare each month to cover and that's with additional savings in the bank just incase something bad happened.

The shared price is only 148,000. If I can't reach that with a 20% deposit how am I ever going to be able to afford a 1 bedroomed flat anywhere near where I work. It's just simply not possible.


Who were you dealing with here? A broker or directly with a specific lender?

If you haven't already I would give London & Country a look, they were very helpful when we used them to get our recent mortgage.

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PostRe: Buying a house (and renting)
by OrangeRKN » Tue Jan 29, 2019 5:03 pm

Get a credit check so you know what position you are in. Your money isn't going anywhere if its safe in the bank, so if needs be you can spend a year working on your credit rating to put yourself in a better position for a mortgage. Of course you have to weigh that up against how house prices are rising across that same period, but it sounds like you might benefit a fair amount from taking some time to get your credit rating in order.

The easiest thing to do is to get a credit card and set up a direct debit to automatically pay it off in full every month from your bank account. Then just make sure to buy something with it every month - an easy suggestion is food shopping.

Getting a credit card I think gives you an initial hit to your credit rating, but if you're an "unknown" it will quickly become worth it.

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PostRe: Buying a house (and renting)
by Qikz » Tue Jan 29, 2019 5:43 pm

The mortgage isn't the problem, I've already been told I can get a mortgage big enough to cover any shared ownership share. It's the calculator the housing association uses which puts my mortgage and rent for any property over the amount of 300,000 market value (which is every property in this area) at 57% of my market value. Any more than 45% and they won't help.

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Lagamorph
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PostRe: Buying a house (and renting)
by Lagamorph » Tue Jan 29, 2019 5:51 pm

Have you looked into the Help to Buy scheme for outright purchasing a property? That means you'll be purchasing with at least a 25% deposit, but you can pay more than 5% if you want to increase that further.
The 20% loan is interest free for 5 years. After that you'll start paying interest on it monthly (You'll have to set up a direct debit for this, it won't just be added to the balance) or you can pay it off through either your own saved money or by remortgaging.

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Qikz
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PostRe: Buying a house (and renting)
by Qikz » Tue Jan 29, 2019 5:56 pm

Lagamorph wrote:Have you looked into the Help to Buy scheme for outright purchasing a property? That means you'll be purchasing with at least a 25% deposit, but you can pay more than 5% if you want to increase that further.
The 20% loan is interest free for 5 years. After that you'll start paying interest on it monthly (You'll have to set up a direct debit for this, it won't just be added to the balance) or you can pay it off through either your own saved money or by remortgaging.


I can't get a mortgage big enough.

In other news, another property on same development and the market value is within my cost. Going to see if I can go for it. It's still nice and it's still way bigger than where I am.

Image

Would be the floorplan.

EDIT: I passed the affordability check. I think 2 bed is just too far out of my price range and this is the nicest size 1 bed I've found so I've told him to go ahead.

EDIT: Question, if this mortgage advisor they got me in contact with for the affordability check said I'm fine, do I necessarily have to get my mortgage through them? They've sent me forms which appear to be in the form of them working as my lender to get me a mortgage, but I've already got a mortgage advisor I'm working with seperately.

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Hexx
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PostRe: Buying a house (and renting)
by Hexx » Wed Jan 30, 2019 9:51 am

I don't have damp/rot in the kitchen floorboards/under timber :D

It's just (another) place that when they've put central heating pipes in years ago they've cut the floorboards/insulation to put in and never replaced back. They're just "bending" slightly after years and no supported in right places as they don't fit together as well.

Annoying (and not easily fixable as you'd have to redo the entire floor, including under units, as it's all interlinked) but not a big expensive issue :D

(They did however basically say the bathroom is old, strawberry floated and leaking. Needs resealing everywhere, but even around the fittings can leak when shower sprays on them. So maybe a new bathroom would be easier. I've never done/sorted that.)

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PostRe: Buying a house (and renting)
by OrangeRKN » Wed Jan 30, 2019 10:32 am

All I'd say Qikz is take your time and don't rush things, if you've found what seem like suitable houses this quickly then that probably means you won't have much trouble finding more. It's such a big purchase, I know if it was me I'd want to view a place multiple times, have some other properties to compare to, get some second opinions from friends or family, make sure I was getting the best deal I could (which might mean waiting to be in a better financial position), and certainly sleep on any decisions before making any commitment.

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PostRe: Buying a house (and renting)
by Hexx » Wed Jan 30, 2019 10:37 am

OrangeRKN wrote:All I'd say Qikz is take your time and don't rush things, if you've found what seem like suitable houses this quickly then that probably means you won't have much trouble finding more. It's such a big purchase, I know if it was me I'd want to view a place multiple times, have some other properties to compare to, get some second opinions from friends or family, make sure I was getting the best deal I could (which might mean waiting to be in a better financial position), and certainly sleep on any decisions before making any commitment.


This is a wise man.

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Qikz
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PostRe: Buying a house (and renting)
by Qikz » Wed Jan 30, 2019 5:55 pm

Hexx wrote:
OrangeRKN wrote:All I'd say Qikz is take your time and don't rush things, if you've found what seem like suitable houses this quickly then that probably means you won't have much trouble finding more. It's such a big purchase, I know if it was me I'd want to view a place multiple times, have some other properties to compare to, get some second opinions from friends or family, make sure I was getting the best deal I could (which might mean waiting to be in a better financial position), and certainly sleep on any decisions before making any commitment.


This is a wise man.


My issue is shared ownership properties are incredibly rare in this area. I can't wait for my salary to go up high enough to buy a house alone as I'd be waiting decades. It's in a great location, it's bigger than a lot of the one bedroom apartments I've seen and it's being built by a reputable developer. It appears it'll be ready early march and I'm going through all the checks. I've got my dad helping me with my step mum who spent months looking at properties especially new builds and their mortgage advisor is helping me out.

I think given the timing, the size (like 4x bigger than I have now) and the cost which will be about my current rent meaning I can up my payments and pay my mortgage quicker then I should be in a good position. I don't want to rush, but if I don't jump at a good opportunity I'll be stuck in my current place which is no where near good enough for what I need. I have 0 room, terrible heating and a bad location right next to a major road and I'm paying way too much in rent.

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Drumstick
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PostRe: Buying a house (and renting)
by Drumstick » Wed Jan 30, 2019 6:34 pm

Also, even if you decide you don't like it after a few years, at least you're already on the property ladder. It's easier getting a mortgage when you've already got one.

One man should not have this much power in this game. Luckily I'm not an ordinary man.
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OrangeRKN
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PostRe: Buying a house (and renting)
by OrangeRKN » Wed Jan 30, 2019 7:27 pm

That's all fair, individual circumstances are always different. I'm just playing devil's avocado :)


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