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It is different this time

Latest Mse Madness! A Couple Reserved A New Build But £100pm Left After Mortgage - Bills Etc

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I couldn't see this one but sorry if already posted. Pure madness!

http://forums.moneysavingexpert.com/showthread.html?t=778177

Worried First Time Buyer - In Too Deep?

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My girlfriend and I are first time buyers and have ummed and ahhed for a few months over a recent development and we’ve finally put a reservation down on a house. It’s a new build 3 bed semi detached with a garage that we’re absolutely in love with.

I’m a worrier by nature and my main concern has always been whether we are getting ourselves in too deep.

The property is 137,950 which is a stunning price for the property. So it’s difficult to imagine passing up this opportunity. The builder and ourselves combined are putting down 10% and the remainder we are able to borrow from RBS on a 2 year fixed rate at £688.00pm.

However when I’ve ran through our figures. I’ve deducted things like car tax, insurance, mobile phone bills, health bills and even haircuts from our separate monthly earnings, then (leaving us £70 and £100 respectively in “pocket money” a month) poured the rest into the joint account where I’ve deducted mortage, utilities, insurances etc. We’re then left with £100 in that. That’s not budgeting for things like nights out, clothes and other frivolities. I don’t know if we can live on this?

I’m now getting myself chewed to death about whether this is the right thing to do.

Have you guys got any advice/thoughts on this?

Errr Are you not supposed to run through your figures before putting a reservation? :lol:

Thanks for those quick replies.

I don't think we would ever consider renting. We both currently live with parent(s). We've seen a couple of similar properties slip by us and we didn't want to let this go. House prices will always go up and I am feeling pressure to get in now rather than trying to save up as it doesn't seem like this opportunity will come up again for such a nice property.

Merlin you have hit the nail on the head though. If there are increases in mortgage rates by the end of the 2 years we may not afford it. Having said that, I would expect to be on a better wage by then. and yes there may be many hidden costs that I haven't even thought of having not had a house before. Which is partly the reason for this thread.

As far as social life goes we don't particularly have one at the moment. We go out very rarely and much prefer a quiet night in. Mortgage insurance we've discussed and won't be paying.

Sorry if I seem like I'm rambling I'm trying to get a thousand thoughts out of my head in one go.

Pinkshoes, as far as the first part of your post goes. Our mortgage would be 4.75x our current joint salaries

House prices will always go up hang on wait hahahahahahahahahahahahahahahahahahaha sorry I had to :lol:

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So they've got £70 + £100 in 'pocket money' and £100 left over after that. In my book that's a surplus of £270 per month -- and despite what many believe, things like mobile phones and haircuts are not essentials. Depending on their live/work arrangements, the car(s) might not be essential either.

The above doesn't mean they won't end up with NE though :unsure:

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He/She could always sell a kidney, they obviously aren't serious about property, tell them to come back when she's on the game.

It's a 3 bed semi detached with a garage , can't you people see what this is worth.

If the car develops a major mechanical fault, they might have no money for a year :lol:

Edited by maxwell

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It`s a made up thread by a VI to convince people gravitating to that website that it is possible that there are thicker people than them, who have made even worse decisions, giving people who read it less motivation than they might have had to educate themselves and change their situation. This whole stack of cards is created by a program dedicated to brainwashing the sheeple into supporting and inflating an asset class so that people who know what they are doing can create more wealth for themselves. I am always stunned at the abilty and willingness of the UK sheeple to be brainwashed and told what to do by "experts".

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A so called Property Expert (Vested Interests in his own Property Porn Show) stated on "The One Show" Property won't CRASH as we will have learnt the mistakes of last time. During 89/90 we getting classics like the one mentioned above e.g after mortgage we have 50-100 quid left for the month. The difference is that this time even more people have left their brain at home when purchasing or investing in property. The Classic being people will spend longer planning a holiday than purchasing a house. The stats show 80% of the population do not have a financial brain. One certainty though we are going to hear alot more sob stories over the next couple of years, also this couple will no doubt add to the forcasted 70,000 REPOSESSIONS due and also a bargain for someone to pick up in the future.

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I'm amazed by the good advice he's getting on that thread. There's the odd joker throwing in a renting is dead money post but it's mostly like reading a lucid HPC post.

Sentiment shift or what?

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My girlfriend and I are first time buyers , It’s a new build 3 bed semi detached we’re absolutely in love with.

Boyfriend , girlfriend and a house there in love with , reads like a dangerous love triangle :o , it won't last,it will all end in tears.

Edited by grey shark

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Boyfriend , girlfriend and a house there in love with , reads like a dangerous love triangle :o , it won't last,it will all end in tears.

Story seems to have had a happy ending though on page 6 (didn't read it all, just searched for OP's posts :P ) Boyfriend has decided to let the house down gentle. 'it's not you it's me... i'm a poor FTB, you're an overinflated barratt shoebox.. it'd never have worked out... but you'll live on forever, in my haart' (sorry)

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  • 296 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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