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  • What are my chances

    Ok guys, seriously, what are my chances of me and the other half getting a property of our own?

    She only earns 9k per year and i earn 21k per year, combined total, 30k per year.

    All this mortgage jargon confuses the hell out of me so i have made an appointment to see someone at my current bank to talk through and explain things a little better. Looking on their website just confused me even more so i really need to talk to them i think. Did notice they have a section for first time buyers and the only bit i understand is the 5% deposit!!!

    We would both really like a place that we can call our own like so many of us but i cant see it happening as she earns so little. Im not selling the car, REGARDLESS, as i saved so bloody hard for it i refuse to budge. I work my backside off just to cover the costs of the car and the current property we are renting i feel i dont want to give up what i saved for for so long.

    That may sound unfair to some but hey!

    So sorry for rambling on but is it possible on our incomes?
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  • #2
    Hi buddy,

    The world of mortgages and finance is a complicated and confusing place to be mate,

    What I did was get a financial advisor, he done everything, from setting up the mortgage, getting the best deal, to buying the house,
    Didn't cost too much, iirc he took 199 quid for his work, mate all I had to do was listen to him, tell him what I wanted then sign on the dotted line,

    Depending on how good your finances are/have been will depend on whether anyone will give you a mortgage, you should be fine as contrary to belief, the banks are still offering mortgages buddy,

    Get yourself a budget, aim lowish till you get used to paying bills etc (i know you already do as you rent) and once on the ladder, banks will not see you as much of a risk, and it will make your next mortgage easier to obtain,

    I was lucky I was making decent money and could afford to buy my first house at 23, I would never rent if I could get away with it, I don't see the point in paying someone else's mortgage, and at the end of the day having nothing for your hard earned,

    Hth martyn
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    • #3
      Couldnt agree more, renting is dead money hence aiming for our own place. Renting was/is a good way to experience bills and responsibility but i certainly dont want to be doing it forever.

      A chat with someone at my bank help?

      I used a monthly payment calculator on their site and worked out a monthly payment thats similar to our monthly rent which gave the figure of a property that i could look for but then my knowledge stops.

      Just dont want to be ripped off or struggle.

      A financial advisor sounds a very good idea!
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      Black Astra VXR, 19" Diamond Cut alloys, 3" Turbo back Scorpion exhaust

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      • #4
        I suppose i could always ask my landlord to sell the property to me! We both love it and would be happy there!

        Dont know till you ask eh!?!?!?!
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        • #5
          He may be willing dude, don't ask you don't get
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          • #6
            Originally posted by stewarty-vxr View Post
            He may be willing dude, don't ask you don't get
            Exactly!
            His wife (loves) me and is always glad to speak to me, as she puts it so my chances could be in!

            Haha!!

            Ill see how well it all gets explained at my appointment and take it from there. Financial advisor does sound easier for me as im easily confused!

            Just feeling depressed as i really want my own pad!!

            Cheers for the comments stew!
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            • #7
              Hi Martyn, Some sound advice there from Stewart, im glad we bought a wrecked house many years ago and spent some time doing it up to what we have now as no one wanted to give us a mortgage back in 94 as I was self employed which made it harder, as for renting I agree it is dead cash but if you cant obtain a mortgage have you looked at shared ownership as some poeple give 100% mortgages when doing 50/50 not ideal but its a step onto the ladder.

              I know a few people who have moved into some nice houses,flats with these people;

              http://www.placesforpeople.co.uk/
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              V8, not for everyone but 10/10 for your effort.

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              • #8
                It ceratinly was Brian!

                I looked at buying a wreck as you can put your own stamp on it from the word go! Found a lovley located 2 bed house that WAS (now gone) on the market for 65k but was basically a shell! All plumbing and everything in but no fittings etc! That looked good to me as i love DIY. Not great at it but i still love it!

                That link looks interesting, ill have a good read through that when i finish work!

                Cheers Bri
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                • #9
                  Having your own house is much better than renting, at least you get to do what you want to your own house, but with a rented house your limited to what you can do!. Good luck buddy it will get easy for you.

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                  • #10
                    Originally posted by MartyyVXR View Post
                    Having your own house is much better than renting, at least you get to do what you want to your own house, but with a rented house your limited to what you can do!. Good luck buddy it will get easy for you.
                    Ta for the reassuring words!
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                    • #11
                      Well i asked my Mum for a little advise too, so as to maybe save this appointment i have but she doesnt really know as it was 31 years ago when she took hers out and my Dad was the one who covered that area!

                      Ill just give the appointment a crack and see what they say first me thinks.

                      Atleast my options will be clearer then, i hope.
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                      • #12
                        Originally posted by razorvxr View Post
                        Ta for the reassuring words!
                        No problem mate

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                        • #13
                          One word of warning (im sure your mortgage advisor will tell you the same) Dont over stretch yourselves, interest rates WILL go up in the next 6months-12months, so make sure you have some spare cash to allow for this. Best of luck to you both

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