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ruffneck45

Yet Another Ftb Thinking Of Buying.

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Hi everybody on houseprice,

Yes yet another ftb looking to buy, been reading posts since about early 2006 but have never posted due to

not wanting to be ripped to shreds by some of the big brains on here.

The wife and I have seen a two bedroom house in Dunstable up for £100,000, which is a reposession and needs

a lot of work doing to it, two new ceilings in both bedrooms, new carpet throughout and good lick of paint, but despite

all this we both really like it.

We have a large deposit saved of £35,000 (part of which was saved while I was at uni and the wife supported us both) of which we will be putting down £25,000 and currently earning just short of 40k between us, job wise I think we are both safe, I work in a care home as a Chef and the Mrs is a Learning support adviser for a local college.

Had the offer accepted and also have a mortgage, so are ready to go, but there is something stopping me from going ahead.

Currently renting a two bed flat for £575 a month, and can't see rents coming down round here anytime soon.

Thanks for listening. :unsure:

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I don't see the problem. With your 25% deposit you've probably got a fixed rate mortgage for 4-5%? Monthly interest on this will be less than £300, so assuming that the quality of the house is comparable to your rented place that's got to be better than paying out £575 a month.

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Hi everybody on houseprice,

Yes yet another ftb looking to buy, been reading posts since about early 2006 but have never posted due to

not wanting to be ripped to shreds by some of the big brains on here.

The wife and I have seen a two bedroom house in Dunstable up for £100,000, which is a reposession and needs

a lot of work doing to it, two new ceilings in both bedrooms, new carpet throughout and good lick of paint, but despite

all this we both really like it.

We have a large deposit saved of £35,000 (part of which was saved while I was at uni and the wife supported us both) of which we will be putting down £25,000 and currently earning just short of 40k between us, job wise I think we are both safe, I work in a care home as a Chef and the Mrs is a Learning support adviser for a local college.

Had the offer accepted and also have a mortgage, so are ready to go, but there is something stopping me from going ahead.

Currently renting a two bed flat for £575 a month, and can't see rents coming down round here anytime soon.

Thanks for listening. :unsure:

What's the rush? If you have a bambino on the way, and need the space, you could just rent a bigger place.

Keep that down payment and collect interest in it. There are decent short term bonds, even current accounts which will get you something.

Fixing up an old house is expensive, time consuming, and tends to be very soul destroying if you plan on living in it while fixing it up.

Most important, look at it from the financial side, and do your best to cool the passions and emotions that so often cloud judgement.

Coming to this site is a good step forwards.

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Had the offer accepted and also have a mortgage, so are ready to go, but there is something stopping me from going ahead.

Work out what that is. Think really hard.

If it's fear that it could be less next year, then bóllocks to that. Buy it and be happy.

If it's something else, work it out. You don't want to be stuck in a divorce in a year's time with a negative-equity millstone dragging you and your wife to the bottom of a disused quarry (so to speak) as you scratch each other's eyes out and hiss at each other in the house you're both stuck in.

I'm the last of the old romantics.

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Hi everybody on houseprice,

Yes yet another ftb looking to buy, been reading posts since about early 2006 but have never posted due to

not wanting to be ripped to shreds by some of the big brains on here.

The wife and I have seen a two bedroom house in Dunstable up for £100,000, which is a reposession and needs

a lot of work doing to it, two new ceilings in both bedrooms, new carpet throughout and good lick of paint, but despite

all this we both really like it.

We have a large deposit saved of £35,000 (part of which was saved while I was at uni and the wife supported us both) of which we will be putting down £25,000 and currently earning just short of 40k between us, job wise I think we are both safe, I work in a care home as a Chef and the Mrs is a Learning support adviser for a local college.

Had the offer accepted and also have a mortgage, so are ready to go, but there is something stopping me from going ahead.

Currently renting a two bed flat for £575 a month, and can't see rents coming down round here anytime soon.

Thanks for listening. :unsure:

Good-sized deposit, but why not wait a little longer - economy going nowhere! What you describe is not a lot of work for a repo - have you done all your research? You seem financially savvy, why not stretch yourself a bit more if jobs are safe?Most common regret of ftbs is not getting a bigger or better first place. The costs of moving up the ladder are significant, if in three year's time you feel the house is not nice or big enough.

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Hi everybody on houseprice,

Yes yet another ftb looking to buy, been reading posts since about early 2006 but have never posted due to

not wanting to be ripped to shreds by some of the big brains on here.

The wife and I have seen a two bedroom house in Dunstable up for £100,000, which is a reposession and needs

a lot of work doing to it, two new ceilings in both bedrooms, new carpet throughout and good lick of paint, but despite

all this we both really like it.

We have a large deposit saved of £35,000 (part of which was saved while I was at uni and the wife supported us both) of which we will be putting down £25,000 and currently earning just short of 40k between us, job wise I think we are both safe, I work in a care home as a Chef and the Mrs is a Learning support adviser for a local college.

Had the offer accepted and also have a mortgage, so are ready to go, but there is something stopping me from going ahead.

Currently renting a two bed flat for £575 a month, and can't see rents coming down round here anytime soon.

Thanks for listening. :unsure:

Go for it - ;) 100k will be nothing once inflation kicks in.

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Hi everybody on houseprice,

Yes yet another ftb looking to buy, been reading posts since about early 2006 but have never posted due to

not wanting to be ripped to shreds by some of the big brains on here.

No- it's only the small brains on HPC who will rip you to shreds.

The bottom line is this. House prices are going to fall far further. But I came to within a whisker of buying a few months back because it was the right place, I could reasonably afford it and had a 40% deposit and needed a sub 3.5x mortgage.

There are other factors in making the decision to buy- I have 10-year-old twin boys and they will need their own bedrooms before too much longer. When they do, I will buy in the full knowledge that prices may have further to fall.

My personal opinion is that you are here looking for support for your plan and you have mine. Your figures are sound. Go for it.

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The numbers sound perfectly good to me, and to be honest, if I thought I could pick up something similar in a location that would work for me for that sort of LTI, I'd be in there like a shot. (£75k mortgage on a £40k income? Less than 2x? That's the stuff wet dreams are made of!) To me at least, it looks like a bloody safe bet from the financial side, especially given your track record for saving.

Had the offer accepted and also have a mortgage, so are ready to go, but there is something stopping me from going ahead.

Hmmm. As others have said, have a good think as to what it is that's actually stopping you.

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Hi FTB

IMHO we are entering a very large bull trap the length of which will only be reletive to BOE interest rates.

Depending on who you believe prices could go down another 10-40% personally I am thinking about 30-40% off peak.

You may stand to looses 30k ish

It's not all about money and I have done up houses in the past (with three kids and a mrs doing shifts) and it can be a joy providing you can finance it and you enjoy DIY.

Sometimes it's better to keep the mrs happy and be poor than keep her unhappy and get none ;)

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Hmmm. As others have said, have a good think as to what it is that's actually stopping you.

I have bought two houses, They were both perfect as soon as I viwed them. Both needed complete restoration. I lived in them and loved them for years, but both times I had fears on the approach and "buyer's remorse" as soon as pen hit paper. This is normal human behaviour, and I know I will feel both of these emotions when I buy again.

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still too high.

Its a 2 bedder FFS!

You shouldn't feel obliged to reply to every thread made on HPC.

Like you I think prices are slated to fall for a while yet, but sometimes there are considerations other than the lowest price.

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Go for it. You can't do yourself major damage at the price, and you seem to have the attitude that the DIY will not be too unpleasant. Sometimes money isn't everything.

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Hi everybody on houseprice,

Yes yet another ftb looking to buy, been reading posts since about early 2006 but have never posted due to

not wanting to be ripped to shreds by some of the big brains on here.

The wife and I have seen a two bedroom house in Dunstable up for £100,000, which is a reposession and needs

a lot of work doing to it, two new ceilings in both bedrooms, new carpet throughout and good lick of paint, but despite

all this we both really like it.

We have a large deposit saved of £35,000 (part of which was saved while I was at uni and the wife supported us both) of which we will be putting down £25,000 and currently earning just short of 40k between us, job wise I think we are both safe, I work in a care home as a Chef and the Mrs is a Learning support adviser for a local college.

Had the offer accepted and also have a mortgage, so are ready to go, but there is something stopping me from going ahead.

Currently renting a two bed flat for £575 a month, and can't see rents coming down round here anytime soon.

Thanks for listening. :unsure:

You might lose some or all of yur deposit but if you're in it for the long term, it will be a paper loss only (unless you want to trade up within 5 years).

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Thanks all for replying,

Reasons for not buying: More price falls to come, another wave of finacial s**t hitting the fan (not looking at you Latvia)

plus the fact you are talking to someone who agonises over every big ticket item he has ever

bought, sorry just down right tight. Lots of work to be done on house did I mention it needs all new

windows and doors at some point, on a busy main road, (but once inside love it.)

Reasons for buying: Kind of showed the Mrs the bedroom door without opening it now all she can think about is wallpaper

and gardens (I know I'm a coward), not getting any younger now 32, don't want to be paying this off

forever, fed up with thinking about the houseprice situation and don't want to continue lining my

landlords pockets.

Have disagreed with the houseprice situation since the early 00's and have always maintained that these prices where unsustainable, even when it has made me unpopular.

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Hi FTB

IMHO we are entering a very large bull trap the length of which will only be reletive to BOE interest rates.

Depending on who you believe prices could go down another 10-40% personally I am thinking about 30-40% off peak.

You may stand to looses 30k ish

It's not all about money and I have done up houses in the past (with three kids and a mrs doing shifts) and it can be a joy providing you can finance it and you enjoy DIY.

Sometimes it's better to keep the mrs happy and be poor than keep her unhappy and get none ;)

Why? I have yet to hear a reasoned argument why men bow down to their others demands. If she doesn't understand sound economic markets and fundamental cycles then get your hole elsewhere. :rolleyes:

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People think it's £100K, but you're going to have to spend a lot more money just to get the house up to scratch. So it's more than £100K.

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Hi everybody on houseprice,

Yes yet another ftb looking to buy, been reading posts since about early 2006 but have never posted due to

not wanting to be ripped to shreds by some of the big brains on here.

:blink::lol:

They're all doommongering amateur economists dude.

The wife and I have seen a two bedroom house in Dunstable up for £100,000, which is a reposession and needs

a lot of work doing to it, two new ceilings in both bedrooms, new carpet throughout and good lick of paint, but despite

all this we both really like it.

We have a large deposit saved of £35,000 (part of which was saved while I was at uni and the wife supported us both) of which we will be putting down £25,000 and currently earning just short of 40k between us, job wise I think we are both safe, I work in a care home as a Chef and the Mrs is a Learning support adviser for a local college.

Had the offer accepted and also have a mortgage, so are ready to go, but there is something stopping me from going ahead.

Currently renting a two bed flat for £575 a month, and can't see rents coming down round here anytime soon.

Thanks for listening. :unsure:

It's cold feet that's stopping you. Seriously I wouldn't be worried about a 100k property while paying £575 PCM in rent. If it's right for you and your partner and you plan on being there a while then it's a no brainer IMO.

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Figures are'nt that scary

BUT

Im currently staying at a house that is on a main road. My own house is in a quiet cul de sac so wasnt prepared or really thinking about it - i just need somewhere to bed down Mon-Thurs

MAN its noisy! Thats with the double glazing in and shut as well. Not so much the cars but motorbikes revving the ar5e of them and wagons are seriously noisy, annoying and will affect your work/sleep.

I would never ever buy anywhere near a main road. I also wonder what that sort of noise does to a growing babaies sleep patterns and development to.

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I don't think you can go wrong.

I doubt prices will fall any further and if they do it will only be for a year or so then rise.

At £100,000 less 25% deposit you will be sitting pretty.

Just think if you wait and they go up. Also the rent money you are paying could be paying your mortgage now.

You can see the Ea in Sibley.

Wonder if he watched the Beeny last night, judging by the time of his post probably couldn’t sleep bless him.

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