Buying your first house - independent mortgage advice Page 9

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  • Deleted user 6 May 2011 20:07:41
    Billy_sastard wrote:
    Aargh. wrote:
    Signing the final papers for mine in just over a week. \o/

    What shiny things have you got sat waiting to take pride of place in your new home Aargh, living room suite, bed, microwave, fucking big telly?

    I'm currently in a furnished rental so I only really have electronics type things - PC, consoles, big TV and speakers. Think I'll work out what furniture to get this week; I'll technically still have this place for at least a month so there's no rush :)
  • Deleted user 6 May 2011 20:18:25
    No painting for me - it's brand new and decorated as per my request. I'm nothing if not lazy :D
  • Deleted user 6 May 2011 20:28:48
    When we moved in here we had nothing but an inflatable mattress and a gameboy. Nothing but sex all day. Fucking loved it, kinda missed those times now that I have all these gadgets and shit screaming for attention.
  • Deleted user 6 May 2011 20:31:24
    Sex...with the gameboy?
  • BravoGolf Moderator 22 May 2011 12:31:51 12,740 posts
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    We finally bought a house :-D I first considered it in 2004 when my original thread was created asking about advice. Such a relief, we've been actively pursuing this particular house since last Aug/Sept, had all kinds of little issues and some big challenges with banks, price, banks again and banks some more.

    A thread is useless without pics, so here's the front. It's a direct URL to a pic I stuck on Facebook so hopefully you can all access it still. Fairly remote, which means no conventional broadband, be interesting to see how that goes :)
  • mrpon 22 May 2011 13:04:35 28,479 posts
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    Looks fucking awesome mate! Any inside shits?

    Give yourself 5 or gig, you're worth it.

  • mrpon 22 May 2011 13:05:15 28,479 posts
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    Ahem...shots.

    Give yourself 5 or gig, you're worth it.

  • Deleted user 22 May 2011 13:12:13
    BravoGolf wrote:
    We finally bought a house :-D I first considered it in 2004 when my original thread was created asking about advice. Such a relief, we've been actively pursuing this particular house since last Aug/Sept, had all kinds of little issues and some big challenges with banks, price, banks again and banks some more.

    A thread is useless without pics, so here's the front. It's a direct URL to a pic I stuck on Facebook so hopefully you can all access it still. Fairly remote, which means no conventional broadband, be interesting to see how that goes :)
    Get the fuck out, that house is stunning.

    I think this forum needs another "What do you do for a living" thread, as I'm chasing the wrong profession money wise. I remember mrpon having a stunning place as well.

    :(
  • CosmicFuzz 22 May 2011 14:03:59 23,293 posts
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    Thats awesome mate!!

    I'm currently looking to move out of parents abode and buy somewhere too. Guarantor mortgages which are interest only seem to be tricky though. May have to wait until I start working to use my own (meagre) salary.

    Also I agree with mrpon, we need a picture of your shit.

    Looking for a new gaming podcast to listen to? LOOK NO FURTHER!

  • BravoGolf Moderator 22 May 2011 14:38:27 12,740 posts
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    Thanks chaps, some more shots

    Upstairs future cinema room
    Kitchen/dining room with my pink haired lover
    kitchen 2
  • JammyB 5 Sep 2011 21:10:00 756 posts
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    Thinking of buying a house for the first time and having a hard time working out my budget. I'm in my late twenties and work in IT. I've lived on and off with the parents for quite a while and saved up a decent deposit, but now I have no idea what my outgoings are going to be when I get back to reality. I'm looking at 2-bed Victorian-era properties so I dare say the bills won't be cheap, and there's always the risk of work needing doing. I've found out what I can borrow, but I'm trying to work out what I *should* borrow.

    Most of my friends (who are couples) are saying I should spend the most I can afford, and get the best house I can. It's tempting but I'm incredibly risk-adverse, and as I'll be buying on my own it scares me to try and approach the limits of affordability. So for example, the nicest house I'm looking at would cost about 35% of my salary just on the mortgage to pay off over 25 years. The mortgage would be just over 3x my annual salary. It's a lovely house though.

    I'm looking at some cheaper ones too, and they could go as low as 20% of my salary over 25 years, or realistically if things go well I could probably pay the whole thing off in 12 years (I'd be borrowing just less than 2x annual salary). I've never had debt before and hate the idea of it so this really appeals, and I could get a house as good as some of my friends have for this price, so I'd still be getting somewhere nice. Friends are warning me off here saying that I'll just lose a lot of money when I inevitably want to upgrade (huge fees and stamp duty, being in a worse position to buy, etc), and that I shouldn't be thinking of a mortgage like other forms of debt.

    But my main concern is that even though I'm very happy at my current job, I'd like to go contracting in the far future, and I don't want to be in a position where the risk of doing that is too high due to an expensive mortgage.

    Has anyone got any thoughts on this? What's a realistic percentage of salary to be paying towards a mortgage, or what's a realistic multiple to borrow? Cheers.
  • Deleted user 5 September 2011 21:16:08
    The higher percentages aren't unreasonable.

    If you're interested in the possibility of moving on the you need to make sure you're looking in an area that is attractive, will it be an area that will do well when the housing and job markets pick up in a few years?

    Where is it?

    Your friends suggestion that you'll lose money on it sounds very wrong - the market is probably about as stale as it's likely to get at the moment so it's no worse to buy now than any other time if the bank will give you the money.
  • Dougs 5 Sep 2011 21:26:26 66,713 posts
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    A third of your salary is the conventional amount, certainly not irresponsible. For bills I'd say 50 quid per month for gas and electricity, 30 quid water, Council Tax will vary but at least 100, then extras like phone, mobile, broadband and Sky etc.

    Phil and Kirsty aren't wrong IMO. All about location. Worst house in the best street is better than best house in the worst street, both in investment and resale-ability.
  • RichieTenenbaum 5 Sep 2011 21:29:44 2,181 posts
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    BravoGolf wrote:
    Thanks chaps, some more shots

    Upstairs future cinema room
    Kitchen/dining room with my pink haired lover
    kitchen 2

    I need a better job.
  • Deleted user 5 September 2011 21:31:24
    Or live in the grim north.
  • RichieTenenbaum 5 Sep 2011 21:35:56 2,181 posts
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    Also: I hate house prices. My parents live in a niceish bit of Hull (lol is there such a place lol). They bought their house in 1988 for 26,000. One sold next door recently for 150,000. my parent's is valued at a bit more. THAT IS CRAZY. The average salary has not increased in those 23 years by nearly 6 times! It's completely unsustainable.

    I rent with a flatmate at the moment, and despite the fact I am a 'key worker' (teacher) I couldn't be able to dream about buying my own one bed flat. The cheapest are around 70,000. Madness.
  • Dougs 5 Sep 2011 21:41:44 66,713 posts
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    Don't ever move South
  • Deleted user 5 September 2011 21:42:55
    70k isn't bad.
  • CharlieStCloud 5 Sep 2011 21:47:36 5,090 posts
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    I have saved up about 27K for a deposit on a mortgage (when the time comes) but it still amazes me just how much it all costs... yet things are not getting cheaper, and nor is my wages going up!

    Oh, nice place by the way BravoGolf...

    *jealous*
  • RichieTenenbaum 5 Sep 2011 21:49:05 2,181 posts
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    When you think about it, it's appalling. Considering how much our parents had to pay. With pay inflation from the 80s.

    Look at this graph. Holy fuck

    http://www.mortgageguideuk.co.uk/blog/wp-content/uploads/2011/01/houseprices-1960.jpg
  • monkehhh 5 Sep 2011 21:50:48 3,269 posts
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    I have no idea how I'll ever own somewhere I live, not enough money + too many expenses.
  • Deleted user 5 September 2011 21:52:52
    This graph is more informative, although it would be better if it was per area of the country:

    http://blogs.thisismoney.co.uk/2010/04/house-prices-vs-average-earnings.html
  • CharlieStCloud 5 Sep 2011 21:55:53 5,090 posts
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    RichieTenenbaum wrote:
    When you think about it, it's appalling. Considering how much our parents had to pay. With pay inflation from the 80s.

    My parents paid 77,000 in the early eighties and it is now worth a little over three times as much!

    It kind of makes me feel queasy about it all...
  • JammyB 5 Sep 2011 21:56:16 756 posts
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    It's in the grim north actually! York though so not such a bad place. The more expensive houses are right in the centre, inside the city walls and won't be difficult to sell. The cheaper ones I'm looking at are still near the centre (10 mins walk) but obviously in not quite so desirable areas. I think most of my friends are reasoning that houses will tend to trend up, and that if I want to upgrade I'm going to get stung with 3% stamp duty and all the fees. Plus if I buy a cheaper one it won't increase so much.

    It's hard to tot up all my living expenses because my parents have been generous and not charged me much at all. But I've added up everything and think I'd have a few hundred spare at the end of each month even paying 1/3 to the mortgage. The thing is, I don't own a car (what if I suddenly need one?) and in an old house there can always be emergency repair work needed. I think this is why I feel like I'll be sailing close to the wind whereas most of my friends think I'll be fine. They also point out that most people earn more as they get older too.
  • JammyB 5 Sep 2011 21:57:14 756 posts
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    Also, I'd probably look at getting a lodger in. But I don't want to rely on that income to assess this. Wouldn't want to be in a position where I'm living with someone I don't get on with but need to have them there to pay the bills.
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