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Author Thinking of buying
jamesw
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Registered: 28th Jun 02
Location: Station Town, County Durham
User status: Offline
6th Feb 07 at 11:00   View User's Profile U2U Member Reply With Quote

House next door to my 'rents. For years now its been rented out, and the last guy that was on re did the whole house as he was a mate of the guys that owned it. Asked about renting it which is what we wanted to do to start with, but he was selling it as he wants rid some time this year. I asked about price, expecting to hear about 80k as this is the price the house nxt door went for - but he will take 67k for a quick sale

Going to have a look round and check it out tonight properly hopefully only pain in the arse I have is my GF has temp jobs, she normally does maternity leave @ schools thus they wont take her wage into account, luckily though a relation is a mortgage advisor

[Edited on 06-02-2007 by jamesw]

[Edited on 06-02-2007 by jamesw]
topshot_2k
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Registered: 1st Dec 03
Location: Northampton Drives: Pug GTi-6
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6th Feb 07 at 11:20   View User's Profile U2U Member Reply With Quote

you would need to be on about 18-20k to get a 100% mortgage on your own without massive repayments
Colin
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Registered: 4th Apr 02
Location: Drives a hire car
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6th Feb 07 at 12:09   View User's Profile U2U Member Reply With Quote

Do you really want to live next door to your parents??? They will be watching your everyu move I feel too close 3 streets away never mind next door!!
jamesw
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Registered: 28th Jun 02
Location: Station Town, County Durham
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6th Feb 07 at 12:34   View User's Profile U2U Member Reply With Quote

doesnt bother me tbh, they have always let me do what i want, and we all get on well - my dad is more like a best mate than my dad if you see what i mean.
topshot_2k
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Registered: 1st Dec 03
Location: Northampton Drives: Pug GTi-6
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6th Feb 07 at 14:45   View User's Profile U2U Member Reply With Quote

go for it, you could always rent it out if you didnt want to live there
jamesw
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Registered: 28th Jun 02
Location: Station Town, County Durham
User status: Offline
6th Feb 07 at 16:44   View User's Profile U2U Member Reply With Quote

going to look round it tonight, has just officially been put up for sale today, so if its still avail we will take it, im due quite a bit of money poss in a few years which could pay the whole thing off, suppose after that we could get another mortgage for 70k (she will have full time job by then) and move more up market. Will just see how things pan out.
Ian
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Registered: 28th Aug 99
Location: Liverpool
User status: Offline
7th Feb 07 at 01:01   View Garage View User's Profile U2U Member Reply With Quote

Cheap enough and the neighbours will neither cause you any hassle nor scare off potential tenants if you do rent. Winner.


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jamesw
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Registered: 28th Jun 02
Location: Station Town, County Durham
User status: Offline
7th Feb 07 at 08:37   View User's Profile U2U Member Reply With Quote

Well have started the ball rolling. Went to look at it, is a good size for us, has garden and plenty off room for 2 cars to park, or build a garage. Only thing that it needs really is the bathroom tidying up.

Few small pics below



C2RL R
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Registered: 28th Mar 02
Location: Redcliffe, QLD
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7th Feb 07 at 09:09   View User's Profile U2U Member Reply With Quote

looks a fair size that and pretty cheap too. Bathroom wont take long to sort out at all so if thats the only thing that needs sorting i'd go for it.
Ally
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Registered: 2nd Jul 03
Location: Pontypool Drives: a Skoda
User status: Offline
7th Feb 07 at 11:41   View User's Profile U2U Member Reply With Quote

I got a 67k mortgage based on a 16k salary so u wont have any problems
jamesw
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Registered: 28th Jun 02
Location: Station Town, County Durham
User status: Offline
7th Feb 07 at 13:25   View User's Profile U2U Member Reply With Quote

trouble is we need 100% mortage, my salary is roughly the same as that, northern rock are being a bit funny, as we want it where we can pay it off at any time, but they want to tie us down for so long. But I think we are managing to compromise, everything getting sorted today so he will take it off the market. Im stressed already so many things going on its unreal.
Ally
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Registered: 2nd Jul 03
Location: Pontypool Drives: a Skoda
User status: Offline
7th Feb 07 at 13:57   View User's Profile U2U Member Reply With Quote

It will be worth it inthe end James
Ian
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Registered: 28th Aug 99
Location: Liverpool
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7th Feb 07 at 18:50   View Garage View User's Profile U2U Member Reply With Quote

quote:
Originally posted by jamesw
we want it where we can pay it off at any time, but they want to tie us down for so long
Unless you absolutely need flexibility I wouldn't choose a mortgage that has it. Any windfalls which you are expecting in the future are not in the bank until they are there and even so what is to say you are going to pay the mortgage off? You might decide to put that money down on another place and keep your payments similar on a bigger property.

No point being mortgage free if you've enough equity and income to live somewhere else.


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