Jules S
Premium Member
Registered: 24th Dec 03
User status: Offline
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With some (a lot) of self discipline to buy a house/flat on your own these days?
Is it Ally that has managed it?
I did it, and im proud to say i'm just about to reap the rewards for all the single buyer hardship 
If you 'can' manage to do it....then do it 
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Fee
Member
Registered: 16th Nov 05
Location: With AK
User status: Offline
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It's possible.....just very difficult
The deposit is the main problem for most people
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mav
Member
Registered: 19th Jun 01
Location: Scotland
User status: Offline
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Ally lives with Ritchie..
All depends what kind of cash you have coming in and if you are not too daft with debt and outgoings etc, Definetly possible...
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Colin
Member
Registered: 4th Apr 02
User status: Offline
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I bought & live on my own.
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Jules S
Premium Member
Registered: 24th Dec 03
User status: Offline
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quote:
Originally posted by mav
Ally lives with Ritchie..
All depends what kind of cash you have coming in and if you are not too daft with debt and outgoings etc, Definetly possible...
Do they live together? i got the impression she had enough balls to do it herself 
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Robin
Premium Member
Registered: 7th Jan 04
Location: Northants Drives: Clio 182 Cup
User status: Offline
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Like Fee says, the deposit is the killer for most people.
I don't know anyone my age who has 10k lying around, or even 5 for that matter.
Mortgage payments are easy, as long as you're earning.
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mav
Member
Registered: 19th Jun 01
Location: Scotland
User status: Offline
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Yeah sure she does live with him...
Deposit doesn't have to be a problem really take a 100% mortgage nothing wrong with them and banks will give you them for 1st time buyers.
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John
Member
Registered: 30th Jun 03
User status: Offline
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When I decide to move out I don't see it being too much of a problem.
I will have a deposit saved up in advance and whether I agree with it or not, i'm expecting to have to pay stupid amounts of money for house.
And as said, just get a mortgage that you can afford to pay.
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Ian
Site Administrator
Registered: 28th Aug 99
Location: Liverpool
User status: Offline
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Mine is on my own. I didn't have any deposit in cash but on paper it looked like I put down £15k because of the way the builders discounted it as a deposit allowance rather than reducing the purchase price. Mortgage is about 78% which looks better on paper.
Everything else is on 0% intro rate cards or the best rates on loans I can find. The job helps as its fairly secure so I look OK on an application.
I'm quite sure if I had have done the maths before signing my name I wouldn't have actually gone ahead with it. I don't tend to stare at the figures too much.
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Jules
Member
Registered: 26th Nov 04
Location: Ipswich, Suffolk Status: Happy
User status: Offline
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I have my own house Jules (now I'm not talking to myself!  ).
But I got it after a failed marriage, I doubt I'd be able to do it from scratch on my own unless I done a fair but of overtime.
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Aaron
Member
Registered: 9th Aug 04
Location: Cottingham, East Riding
User status: Offline
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I've bought a flat and live on my own
looking at a second one too...
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Ally
Member
Registered: 2nd Jul 03
Location: Pontypool Drives: a Skoda
User status: Offline
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quote:
Originally posted by mav
Yeah sure she does live with him...
This makes me angry for the record
I own my house, house belongs to me, i do not live with Richie
Although he stays over a few nights a week 
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Ally
Member
Registered: 2nd Jul 03
Location: Pontypool Drives: a Skoda
User status: Offline
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I did it, was lucky to live in Wales as house prices are cheap out here, and the sellers of my house offered to pay my deposit for me.
Im really glad i've done it on my own, but next time will be joint together.
I wouldnt rennovate a property again
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Ally
Member
Registered: 2nd Jul 03
Location: Pontypool Drives: a Skoda
User status: Offline
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quote:
Originally posted by Jules S
Do they live together? i got the impression she had enough balls to do it herself
He stays up usually every weekend and a night in the week
I have huge balls, so didnt think twice about doing it on my own 
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Fee
Member
Registered: 16th Nov 05
Location: With AK
User status: Offline
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I wouldnt have managed to buy a place without Adam, and we were lucky because we got our flat under value.
A one bed flat in Edinburgh costs about £125k
I couldnt even get that on my salary, never mind even thinking about a deposit.
I guess it is just easier in some parts of the country.
My sister up in aberdeen has just bought a 3 bed house with garden and garage for almost the same price as our flat is valued at
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--Dave--
Banned
Registered: 17th Feb 04
Location: Essssseeeeex Drives: Black Supra TT
User status: Offline
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no way could I have afforded a house where I live on my own. Just too expensive.
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Jamie Walby
Member
Registered: 15th Nov 04
User status: Offline
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TBH I think I stand little or no chance of being able to buy a house/flat on my own in Bournemouth.
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John_C
Member
Registered: 5th Mar 03
Location: South east, Bromley
User status: Offline
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i've done it and its a little harsh on the wallet! Bought a 3bed house in the se london for 140k on probate. Put a 14k deposit down. Have carried out a full schedule of works, completely renovated. House is worth roughly 200k. I can see why ppl buy together but as everything is down to me i feel a lot more comfortable and nervous if it goes tits up
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sigibbons
Member
Registered: 10th Feb 04
User status: Offline
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quote:
Originally posted by Jamie Walby
TBH I think I stand little or no chance of being able to buy a house/flat on my own in Bournemouth.
I heard Sandbanks is where the cheap property is.
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BabyBlade
Member
Registered: 5th Feb 03
Location: Hereford Rides: Ninja 600
User status: Offline
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quote:
Originally posted by Fee
A one bed flat in Edinburgh costs about £125k
Looking at one bed and two bed flats/apartments and found one for £135k, it is brand new though but theyre roughly 120/130 for 1/2 beds depending on area around here.
Been told I can get up to £150k (5 times your wages) but have set a budget of a house for £130k max so I can still save and have a life!
You do have to have the balls to do it though, look into the figures too much and you could easily put yourself off
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sigibbons
Member
Registered: 10th Feb 04
User status: Offline
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When they say '5 times your wages' etc does it mean your anual wages before outgoings, living expenses?
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BabyBlade
Member
Registered: 5th Feb 03
Location: Hereford Rides: Ninja 600
User status: Offline
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No they havn't done that this time, as last time had to go through all my outgoings etc and see if it was possible.
This time shes seen my bank statements and payslips, but then again still have a meeting with her again monday.
Its based on before outgoings, although any loans do affect what you can get, which I dont have.
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Ian
Site Administrator
Registered: 28th Aug 99
Location: Liverpool
User status: Offline
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quote:
Originally posted by sigibbons
When they say '5 times your wages' etc does it mean your anual wages before outgoings, living expenses?
Salary before tax, its a very rough guide indeed. You earn 20k you can borrow 5 x 20.
Truth is that 5x your salary is a big portion of your income, and thats at the current interest rates.
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BabyBlade
Member
Registered: 5th Feb 03
Location: Hereford Rides: Ninja 600
User status: Offline
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quote:
Originally posted by Ian
quote:
Originally posted by sigibbons
When they say '5 times your wages' etc does it mean your anual wages before outgoings, living expenses?
Salary before tax, its a very rough guide indeed. You earn 20k you can borrow 5 x 20.
Truth is that 5x your salary is a big portion of your income, and thats at the current interest rates.
Very true. It's sad that nowadays we have to have these massive mortgages just to have our own independance, when say only 5? years ago house prices were considerably cheaper.
Imagine paying 60k for a house in a nice area nowadays 
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Jules S
Premium Member
Registered: 24th Dec 03
User status: Offline
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I would say a 5x salary mortgage over 25 years will utterly kill you in terms of lifestyle viability.
You would be far far far better off saving like a mofo for a period prior to taking the mortgage 
Interest (even at the low rates we have) is an absolute killer
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