Carl
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Registered: 9th May 04
Location: Jimmy Bennett's la la land.
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Basically there is a repossesion property nearby, see link. It is up for 59k. My girlfriend's dad got some inheritance and was thinking of buying it with a family member, I think he has been to see it and it has all laminate floors etc and is quite nice. Anyway the other day he mentioned it and said he would lend us the money for a deposit, he mentioned 10k, also my dad is retired and has a bit of a retirement fund so I think they would possibly help out (going to have a talk). THe thing is i'm in 18k (contract in march although there is talks of a 2 year extension, and my girlfriend is on 15, going upto 18k after her probation as a paralegal. I owe 1.3k out but its all interest free and i've beeen slowly chipping away at it, and she owes about 1.5k out, there are both uni/traviling type debts and not a reflection on our money skills. I get paid about 1100 after tax, pension etc and I get paid this wednesday and I'm about 300 up still and she doesn't pay board at home or have a car so she has plenty spare each month.
The thing is I'm the cautious one who is thinking of all the costs, heating, food, rates, mortgage and she doesn't. Am I being too cautious and really should grab this oppertunity or what?! That is what I am really asking! We have ben together 8 years now and i'm quite comfortable at home but times are growing more frequent where i think a bit of privacy for us both to chill out after work would be great.
Just after a bit of advice really from those who have took the step.
Another factor is that my dad is a retired builder/jack of all trades. He is recently retired so it mobile but hasn't lived the most healthy life, it would be a perfect oppertunity for us as he's help out big time with handy stuff (i'm useless) but also my best friend owns a building business so they can help/i'll not get screwed over on things like that.
[Edited on 29-11-2009 by Carl]
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Ian
Site Administrator
Registered: 28th Aug 99
Location: Liverpool
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Its cheap but you'll need to know the local market to know if its a bargain. Repossessions are generally a good buy assuming they either don't require much work or you can take on that which they do.
Your comment about needing privacy would worry me more than anything financial.
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AlunJ
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Registered: 3rd Apr 07
Location: Newport
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Remember you only live once, I'm no expert but my basic is less than you and I'm buying a house.
The way I look at it, I wanted to buy young so it was a bit less of a worry on my mind when I'm older. Yeah it means you can't go out and buy cars all the time, go get pissed on the weekend etc, but look at what you get to show for it 
If you're worried about money side of things go see an IFA.
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--DAN--
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Registered: 3rd Feb 03
Location: Bottesford. Drives;3 Series
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On those wages I think you'll be fine mate. When we bought our first house we really stretched ourselves and were really worried but within a couple of months you get used to paying the bills and you learn how much you've got spare each month. I say go for it, getting on the property ladder at a young age(18) was the best thing I ever did.
[Edited on 22-11-2009 by --DAN--]
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Carl
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Registered: 9th May 04
Location: Jimmy Bennett's la la land.
User status: Offline
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I've just had a scout and number 76 sold for 85k in 2007. I know the local market as I live in the village and it is a good price, it would be very hard to lose on it type price. The house is set a bit back from the main road, and the area it is in is spot on, surrounded by semi's and detatched houses. The more I think about it the more it makes sense really.
2007 1 sale
(avg £85,000) - - -
2006 3 sales
(avg £92,816) - - -
2005 1 sale
(avg £108,000) - 1 sale
(avg £198,000) -
2004 2 sales
(avg £55,000)
Thats for terrace houses on the same postcode.
[Edited on 22-11-2009 by Carl]
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JadeM
Premium Member
Registered: 9th Feb 06
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Carl if your prepared to put up with life style changes and really want it then go for it.
Me and Colin were in a similar situation, only Colin had his flat to sell and used the money from that for our deposit. I've had to curb my random spending big time to save up money for the new house. Colin has always been careful with money, where as I was the exact opposite.  We've had to scrimp and scrape over the last couple of months, something we hadn't been used too and something Colin probably thought I'd never manage but I have !!!! Its all going to be worth it, I seriously cannot wait to get moved in and I'm glad we made the move when we did. My priorities have changed for searching for my next designer dress, to searching for hooosie stuff and I love it
You've been with your girlfriend for 8 years, its probably something you would be thinking off in the near future anyway ?
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Colin
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Registered: 4th Apr 02
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Just go for it, you've been with your mrs like forever...it must be a bit crap not living under the same roof??
By the way me & jade have just bought a £152k house & dont earn a kick in the arse off the numbers you put up at the moment.
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Carl
Member
Registered: 9th May 04
Location: Jimmy Bennett's la la land.
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Yeah we were but I was thinking of moving out but getting a sold 6 month + of saving in front of us first. Ideally want her to have passed her test and to know what the crack is with my work, plus by then she would be upto 18k.
Anyway, we have contacted them about a viewing and we are going to look into mortgages. Just printed a guide off moneysavingexpert and i'm going to book to see nationwide, if nothing else at least we will be more up on mortgages for when we do move.
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Twiggy
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Registered: 15th Oct 04
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So its £49k inc £10k
You will have paid off the mortgage by the time you are 21!
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Kano
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Registered: 29th Aug 04
Location: Fife
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I'm better off now than I was when I lived at home, purely becuase I budget better now and dont spend a fortune doing stuff just to get me out the house like I used to when I lived with my folks.
Financially you and your mrs are near on identical to our earnings and we have a 70k mortgage, manage it no problem and I overpay on it regularly because I have spare cash..
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pow
Premium Member
Registered: 11th Sep 06
Location: Hazlemere, Buckinghamshire
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I really sorry to be cheeky, but you lot on £1000-£1500 a month post tax, do you manage alright running a house, a car and a social life?
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Conway563
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Registered: 7th Jun 06
Location: Yate, Bristol
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quote:
Originally posted by pow
I really sorry to be cheeky, but you lot on £1000-£1500 a month post tax, do you manage alright running a house, a car and a social life?
I need the money the mrs brings in as well to top things up to about £2k a month TBH but then I've got a bit of debt from when I was bad with money when I was younger, a daughter and another on the way
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Kano
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Registered: 29th Aug 04
Location: Fife
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quote:
Originally posted by pow
I really sorry to be cheeky, but you lot on £1000-£1500 a month post tax, do you manage alright running a house, a car and a social life?
Easily.. I put £500 into my joint account that pays for mortgage, bills, car finance, food etc then I have whatevers left for myself. Only have 2 direct debits worth £50 and then maybe £50 diesel. Average month I put away £500 into savings and spend the rest.
My pay varies depending how busy I am with night call outs so it can fluctuate a good £200 up or down each week but even my basic take home of £230 would see me alright if I was careful.
EDIT: My other half puts the same amount into joint account to pay for bills etc.
[Edited on 23-11-2009 by Kano]
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Carl
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Registered: 9th May 04
Location: Jimmy Bennett's la la land.
User status: Offline
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quote:
Originally posted by Twiggy
So its £49k inc £10k
You will have paid off the mortgage by the time you are 21!
Doubt it, i'm 25! its 59k house will be putting 10k down deposit hopefully, but that will have to be paid back to her dad.
Both our fathers have been to see it today and both say it is worth the money. Relatively new kitchen and a decent sized main bedroom. We are going to view it on Saturday. Just need to get on with the mortgage side now.
Feels surreal, think we will get outbidded or something, but that might just be me being negative!
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AlunJ
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Registered: 3rd Apr 07
Location: Newport
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quote:
Originally posted by pow
I really sorry to be cheeky, but you lot on £1000-£1500 a month post tax, do you manage alright running a house, a car and a social life?
I'll tell you in the new year My basic comes in at about 1k, but sometimes take about 1.3k hoping for a decent rise this year!
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Bonney
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Registered: 14th Nov 04
Location: St Helens
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If its split between the two of you i can't see it been a problem. As said already when you have got into a rotine of putting the money to the side you should be ok.
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Carl
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Registered: 9th May 04
Location: Jimmy Bennett's la la land.
User status: Offline
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This public notice stuff is worrying me know! Read that you can get gazzumpt even after paying solicitor fees and surveying costs etc, right laugh!
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BYRON
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Registered: 1st Jun 04
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quote:
Originally posted by pow
I really sorry to be cheeky, but you lot on £1000-£1500 a month post tax, do you manage alright running a house, a car and a social life?
Really easily. Wages aside - you tend to manage whatever income you have tbh. I have lashed atleast £800 this month in beer and food alone. In hindsight - not the best, but I did it because I can afford to.
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Pop
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Registered: 8th May 03
Location: Reading
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You end up getting into a routine and average about the same £££ on things like bills, food etc
I say go for it! We got our first house back in July and it's great.
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AK
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Registered: 5th Jul 00
Location: Aberdeen City
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do it
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Carl
Member
Registered: 9th May 04
Location: Jimmy Bennett's la la land.
User status: Offline
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Mortgage broker is on it, going to tell us tomorrow if the mortgage is accepted, going to offer the asking price too, that way they will be less inclined to fuck about and see if anyone comes in with a better offer and complete with us, and it still a very good deal. Completion as to be in 28 days or something.
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Carl
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Registered: 9th May 04
Location: Jimmy Bennett's la la land.
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THe mortgage has just been accepted so we will be making an offer tomorrow, peak.
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Cavey
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Registered: 11th Nov 02
Location: Derby
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fuck sake, i've been trying to get a mortgage for a month now and still not got an answer  or did you mean a Decision in principle?
Good news mate, hope it goes well for you
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deano87
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Registered: 21st Oct 06
Location: Bedfordshire Drives: Ford Fiesta
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Just consider whether you could stand staying in on a Friday and not going out because you can't afford it.
It'll have that sort of impact on your life on the money you earn.
Ideally I won't even contemplate getting a mortgage until I have £1k left from my salary after I have paid my mortgage i.e. I'd want to be earning about £1800/month for to get my own mortgage around here.
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Carl
Member
Registered: 9th May 04
Location: Jimmy Bennett's la la land.
User status: Offline
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quote:
Originally posted by Cavey
fuck sake, i've been trying to get a mortgage for a month now and still not got an answer or did you mean a Decision in principle?
Good news mate, hope it goes well for you
Just in principle.
Deano I don't go out that much, been there done that, I enjoy playing football on a Sunday more than going out and getting smashed. I have the odd blow out about once every 3 months to a club night somewhere, but i'm getting tired of that too (in winter times anyway!)
I'd qualify for your mortgage theory too, as its going to be near on 300 split between 2, so will have about a grand to spend on delights such as council tax, water and electricity, oh the joys!
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