Liam-Wilko
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Registered: 6th Mar 08
Location: Sunderland, Tyne and Wear
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so confused with this stuff 
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John
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Registered: 30th Jun 03
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Do you not work with figures for a living?
Unless it's over 45 years you won't be getting a 190k mortgage for £750 a month.
You'll be looking at over a grand.
Go and see a mortgage adviser to find out what's available to you.
You'll need 25k + 1700+ a month all in on a mortgage that size.
What is council tax in the area? I'm 200 quid a month.
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Liam-Wilko
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Registered: 6th Mar 08
Location: Sunderland, Tyne and Wear
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i do lol with me workign in a tax office and i only done a quick comparison i think i might just pop to visit a morgage advisor.
not sure what the band is for a house like that in my area i know its not usualy that much monthly cos the location and area are shit haha
why dose my missus have to want a house so expensive i would love to get a 4 bed that i could renavate got the know how and got family that are in trades that could help
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Liam-Wilko
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Registered: 6th Mar 08
Location: Sunderland, Tyne and Wear
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all i wanan do is get a house and pay it off as soon as pos i dont have any debit and really really dont want any if i could save up and save up just to buy a house out right i really would
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John
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Registered: 30th Jun 03
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190k mortgage over 30 years at 5.9% is £1137.99 a month.
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Liam-Wilko
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Registered: 6th Mar 08
Location: Sunderland, Tyne and Wear
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still not bad really avarage income after tax we get total £2500 or there abouts nice chunk out of it hahai dont like the fact of dealing with pennys or anything like that so i would push to pay £1200 if you know what i mean
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John
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Registered: 30th Jun 03
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So you'll be 1200 mortgage, plus lets say 200 tax, that's 1400 already, gas and electricity, at least 100, life insurance say 50, food 200+, very possibly closer to double, phoneline, sky, home insurance, it goes on and on.
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Liam-Wilko
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Registered: 6th Mar 08
Location: Sunderland, Tyne and Wear
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my head is busting cos of this thing lol wish it was easy to save that type of cash up in a short time to buy it out right.
200+ a month for food that seems loads  i know there is a few things in a list of what people would have that i wouldnt have in my home and a few things im coverd for through work if you know were im coming from
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John
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Registered: 30th Jun 03
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I tried to be as realistic as I could and budgeted 1500 a month, that's with an £800 mortgage, most months 1500 hasn't even nearly covered it.
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Liam-Wilko
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Registered: 6th Mar 08
Location: Sunderland, Tyne and Wear
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im starting to really think this could be a bad idea i hate credit and debit ext due to watching what my mama and dad get more and more into debit due to being stupid and hiding things from each other then watched therew house get taken away from them when they split up so i worry loads about even thinking of things like this thats why im getting as much info as pos iv got no debit and im that sceard of my phone being cut off i over pay my contract so im in credit permanantly
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Liam-Wilko
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Registered: 6th Mar 08
Location: Sunderland, Tyne and Wear
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just done a calculation and based on me and the missus income and spending taking everything that we wouldnt use out of what most people have things non essential things iv worked out to run ext ext it workes out to be a monthly out going of £1865 est thats bills food and morgage no insurance is inclueded in that is that bad woudl you say
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John
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Registered: 30th Jun 03
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I'd say that's optimistic with a 1200 mortgage.
Probably possible though.
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Liam-Wilko
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Registered: 6th Mar 08
Location: Sunderland, Tyne and Wear
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but that isnt leaveing much room for a slip up really so if i take into account insurance and maybe internet then id be looking at 2k at least
do you reckon that is good or bad on that property
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Paul_J
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Registered: 6th Jun 02
Location: London
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Do you really need to buy somewhere so expensive / large?
Only aged 22, I'm assuming without kids. Why do you need a 4 bedroom house with everything in there?
As John pointed out, £20-£25k deposit on that is going to still leave you borrowing a lot.
Basically, you're going to be making a lifestyle where you're going to be short on disposable income for a long time. Why would you want to do that to yourself so young? Is that house that important?
Wouldn't it potentially be wiser to initially get a cheaper 2 bedroom flat which you wouldn't have to borrow as much on or something, then look to move on to a bigger place later on in life?
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John
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Registered: 30th Jun 03
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I'd go for as big a place as possible, not at that price though.
That's if you'll even get the mortgage btw.
[Edited on 17-02-2012 by John]
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Liam-Wilko
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Registered: 6th Mar 08
Location: Sunderland, Tyne and Wear
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quote:
Originally posted by Paul_J
Do you really need to buy somewhere so expensive / large?
Only aged 22, I'm assuming without kids. Why do you need a 4 bedroom house with everything in there?
As John pointed out, £20-£25k deposit on that is going to still leave you borrowing a lot.
Basically, you're going to be making a lifestyle where you're going to be short on disposable income for a long time. Why would you want to do that to yourself so young? Is that house that important?
Wouldn't it potentially be wiser to initially get a cheaper 2 bedroom flat which you wouldn't have to borrow as much on or something, then look to move on to a bigger place later on in life?
i can see exactly what you are saying im really starting to get to the point now were im thinking this isnt going to be worth it it might be nice and have everything but what is in there i could portentialy do to another property there is some nice little 3 bedroom homes round this area that are a hell of a lot cheaper that the small room could be made to a on suit for the master bedroom and have a 2 bedroom house or summit.
i really would profer to get a project than something that is to some one elses tast if you know what i mean.
ya i have no kits just me and the missus and cant see us havin kids in the near futcher ether i know i dont want to get a flat as a lot of flats round hear are same if not more than the houses not sure why
what would you say would be a good morgage for me to take an approch at 
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Liam-Wilko
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Registered: 6th Mar 08
Location: Sunderland, Tyne and Wear
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quote:
Originally posted by John
I'd go for as big a place as possible, not at that price though.
That's if you'll even get the mortgage btw.
[Edited on 17-02-2012 by John]
im starting to think along the lines of you have to crawl before you walk if you know what i mean this is why i opend this thread as i welcome all peoples oppinions and what to make my options better from other peoples experiance
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Conway563
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Registered: 7th Jun 06
Location: Yate, Bristol
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TBH there's no point asking what anyone else would do until you've spoken to a mortgage advisor as there's no real idea how much you can afford
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Liam-Wilko
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Registered: 6th Mar 08
Location: Sunderland, Tyne and Wear
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i know what you mean just trying to get a bit of advice and peoples oppinions on what they would do or did do
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Conway563
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Registered: 7th Jun 06
Location: Yate, Bristol
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What's wrong with something like this though out of interest? What makes the 4 bed £90k better other than an extra room?
Mortgage at 5.9% over 30 years would then be more like £600 leaving plenty to live on
[Edited on 17-02-2012 by Conway563]
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Liam-Wilko
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Registered: 6th Mar 08
Location: Sunderland, Tyne and Wear
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that is acctualy really nice im defo gonna run that past the missus like the rooms seem nice size cheaper tbh i think i like that more than the 4 bed tbh aspecialy for the price of it i didnt look in the seaham area much was mainly murton but i think i will have another look
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Paul_J
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Registered: 6th Jun 02
Location: London
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quote:
Originally posted by Conway563
What's wrong with something like this though out of interest? What makes the 4 bed £90k better other than an extra room?
Mortgage at 5.9% over 30 years would then be more like £600 leaving plenty to live on
That is a lot of house for the money and £600 / month would be very manageable on your salaries.
<Usual Southern Comment> I wish houses like that were that cheap down here  </Usual Southern Comment>
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stuartmitchell
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Registered: 24th Apr 04
Location: Kirkliston, Edinburgh
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quote:
Originally posted by whitter45
quote:
Originally posted by stuartmitchell
May is the cut off for the free stamp duty on property under 250 K IIRC mate. Pain in the tits stamp duty. Paying 10K just for the priv of moving house. Government should be paying us lol
No mate it's the 25th march check hrmc website
I know this as first time buyers are buyingmy house and that's the deadline they have set me to move out lol
 
Aplogies mate, I was going on what my other mate was telling me whose a first time buyer - he is prone to bullshit though
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stuartmitchell
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Registered: 24th Apr 04
Location: Kirkliston, Edinburgh
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With a 25K deposit I would suggest looking at something in the region of £120,000 as that would be a (just over) 20% deposit and you'll get access to a better range of deals thus bringing your monthly cost down.
I would use rightmove, set your max price to 120K - see what comes up and go for the one you like the most (it probably wont be the most expensive one).
Statistics show you will only stay in your first home for 3 years so see it as more of a foot on the ladder. Good sized flat, semi detatched house with 2 or 3 bedrooms would probably suit you fine!
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Jimbothebarbarian
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Registered: 19th Apr 07
Location: Cumbria..........drunk..
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quote:
Originally posted by John
I'd go for as big a place as possible, not at that price though.
That's if you'll even get the mortgage btw.
[Edited on 17-02-2012 by John]
This. If I could do it all again instead of being all namby pamby and worrying about it I would of got the biggest house I could have realistically afforded (as in borderline painfully expensive) I would have been laughing my todger off at the moment.
Property has done me and the missus alright and my biggest regret is not putting more into my bricks and mortar than super unleaded and car tax 
Start now and as you are doing start young and in 20 or 30 years you'll be a happy lad.
All of the above is of course IMHO and does not constitute sound financial advice from a professional. 
[Edited on 17-02-2012 by Jimbothebarbarian]
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