First time house buying - what a fecking mission!!

[Mike]

Just been on the Lloyds TSB & HSBC sites (who I bank with) doing some rought mortgage calculation for a first time buyer (myself) no wonder no funker can get on the property ladder!!!

With a £10k deposit & £0 debt all I can lend is £68k tops!!! Trying to find a fecking council lock up round here for that is hard enough lol lol

[bmw156]

is that based on a certain income?? if so, what is it roughly?

[General Baxter]

canal boat ;)

[matt_vaughan]

canal boat ;)

:thumb:

[muzzy]

Yeh i've been there done that and got offered a mortgage of £110k but considering the amount i could lend i was hard pushed to find somewhere better than what we are renting right now. Property prices in Aberdeen are crazy, for example new flats for "first time buyers" starting at £150k!

[Jeff16v]

Just been on the Lloyds TSB & HSBC sites (who I bank with) doing some rought mortgage calculation for a first time buyer (myself) no wonder no funker can get on the property ladder!!!

With a £10k deposit & £0 debt all I can lend is £68k tops!!! Trying to find a fecking council lock up round here for that is hard enough lol lol

Thats about the sum of this coutry today, i saved what i thought was a great amount only to be laughed out of the building society. You'll be needing at least 11% to avoid the LTV (loan to high value fee) lets say 25K. Well done for saving 10K mate, don't let it get you down.

Whatever you do don't go for part owned, you'll be well and truly owned once you dolol

[brainsnova]

find a bird with a house :thumb:

[Bubba]

find a bird with a house :thumb:

genius thinking :D

[Jeff16v]

find a bird with a house :thumb:

I think i'd rather do a stoolol

[Mike]

find a bird with a house :thumb:

Been there done that. When it all goes wrong you end up in the shizzle :thumb:

[Nick J]

Me and the missus bought our first home a year ago and All I can say is its not easy for anyone fella, (Unless you have a rich family or mega paid job) Just keep saving all you can and keep looking to see who offers the best deal out there for your circumstances. I know the Halifax seem to be a good option for first time buyers as quite a few of my friends and us started out with them. I am however with Jeff dont go for part owned! Ps Im not sure if I got back to you regarding the th's but they are no good for the guy in question.

Nick.

[Mike]

Yea i know it aint going to be easy, but TBH all im after is a 2 bed semi with off road parking, so theres a lot of choice. Add to that the property im after will be one that needs extensive work (im in the perfect trade to buy a house like that) I may be able to bag one for a decent price!

The TH's, there on eBay now Nick, generating massive interest lol about 10 emails a day regarding them lol lol

[Jeff16v]

Being NHS i know a few peeps who went for part owned, you pay what the part own company say its worth and you pay all the costs via agents solictors they say. Then when you come to sell they advertise it, decide who the new owners will be, decide how much its now worth and you pay all the costs. oh, and good luck trying to buy a bigger portion while you own it.

[Mike]

Im not buying part owned at all lol so god knows where everyones assumption of that has come from lol lol

[Jeff16v]

Im not buying part owned at all lol so god knows where everyones assumption of that has come from lol lol

I'm just saying a lot of people see it as an option and the fact that 68K would buy a garagelol

[Mike]

I'm just saying a lot of people see it as an option

Ah ok i see now lol

[mowgli]

13 years ago me & the missus had to jump thru burning hoops with £5k deposit to get a £41K mortgage. its funny how things always go back round.
and we were earning a lot less than now.

[sulphur]

In a way, me and my mrs were lucky buying ours 2 years ago. We managed to get a 95% mortgage, and got a nice place for 105k. Shame it was a fixed rate for 5yrs, and now the interest rates are next to nothing, i'm stuck paying 5% lol.
Make sure you read and understand everything about fixed terms, trackers and interest only mortgages, was a complete mindf*ck when we went through it.

[Dod]

Houses are a funny ****er of a thing. What kind of money are you looking realisiticially for a decent place?

You do need 2 people in a Mortgage, I know when the missus and I built our place it took €150k to complete it and at that we havent had our street Tarmac'd or Garden landscaped. EVen without that done the property, house and Garage were valued at €360k 2 years ago. I'd love to see if that could be gotten now. lol

[Andy_L]

Just been on the Lloyds TSB & HSBC sites (who I bank with) doing some rought mortgage calculation for a first time buyer (myself) no wonder no funker can get on the property ladder!!!

With a £10k deposit & £0 debt all I can lend is £68k tops!!! Trying to find a fecking council lock up round here for that is hard enough lol lol

Mike,

What about the 70/30 thing the government is offering for first time buyers? May be worth looking into?

I would suggest going to see a mortgage advisor (some are free) and seeing that they can suggest. If you can also take a break down of in goings and outgoings with bank statements to prove the cash flow. It may help you get a tiny bit more out of them, or it might not but it's worth a go.

As sad as it sounds as well have a look on the BBC business pages as they list the top ten rates for first time buyers etc. Might be of use to you.

[Pistol Pete]

Me and the misses bought our house just at the right time. Bought it November 2007, 100% re-payment mortgage 140k, 5 year fixed. No such deals available now. A mate of mine has saved the same as yourself Mike and getting increasingly cheesed off at not being able to do naff all with it. Andy, good idea fella. Go see people in the know. They will tell you what is available. It is all very confusing.

[Mike]

Aye, it is very confusing lol i wont be mving out for about 12 months yet so got some time for the markets and economy to right itself a little more.

[Pistol Pete]

And save up abit more!!

[Andy_L]

If you listen to the news today they are saying that prices are starting to stabilise.

[Cormac]

I wouldnt recommend anyone jumping into the house market at the min, Me and my mate bought a 2 bedroom appartment 2 years ago, Ive since lost my job and am now in a much lower paid one and am really strugling with bills, I sometimes wish id never bought the place.. Take my advice and stay at home!! :)

[Jack]

Au contrare, if you have the funds, now is a good time to buy as house prices are lower (still not "low" by a long shot mind), and some people are desperate to sell.

However, as per usual, its first time buyers who are struggling still, as banks are being uber-conservative over mortgages. And rightly so!

What needs to happen is for this "crisis" (© BBC) to carry on for a bit longer so houses return to a sensible value, i.e. ~£100k for a 3 bedroom semi in a decent area. THEN people can start looking at having mortgages they can actually afford, rather than banks throwing money around left right and centre and getting people up the proverbial faecal river with no means of propulsion in the first place.

[Pistol Pete]

I agree with RJ. If you can afford to buy, now is the time! My sisters b/f just bought new place, for nearly 40k less than its value!! Bargains FTMFW IMO lol