Thinking of buying house
Discussion
Just wondering what everyone's opinions are with my possible decision today.
Just a bit about me, I don't have any debts or major out goings, no car payments or anything like that. I earn 26,000 a year salary and am currently putting £1300 into an ISA each month which is everything I can spare and I currently have £15,000 in savings.
Now the house next door to where I am currently, currently at home with mum which is why I can afford to put such a massive amount away each month, has just come up for sale at £115,000, it's a fantastic little house, had a nose around last night and it is a great house. I have a girlfriend who has her own home which she shares with her mum due to her being long term sick.
Now, my options
1. Put an £11,500 deposit down and buy the house, mortgage would be just under £500 a month. Will £3500 be enough to cover moving fees, first time buyer so no idea what these might be. As its next door to mum, I don't need to move over in one go either so can slowly migrate. As house prices go up, my house will appreciate as well and was then thinking of selling or renting out 18months to 2 years from now when I hopefully move in with girlfriend.
2. Not buy the house, keep on sticking £1300 away each month till girlfriend is well enough for us to live together. Speaking to girlfriend, she doesn't want me to get a house for the both of us now as she's not well enough to take advantage of living with me. Mums not shoving me out the door but I'm 31, 32 in June, so bit annoyed I'm living at home. I think girlfriend would prefer this one but she's happy which way I yo.
Is a £26,000 salary enough to live comfortably with a £500 mortgage?
Just a bit about me, I don't have any debts or major out goings, no car payments or anything like that. I earn 26,000 a year salary and am currently putting £1300 into an ISA each month which is everything I can spare and I currently have £15,000 in savings.
Now the house next door to where I am currently, currently at home with mum which is why I can afford to put such a massive amount away each month, has just come up for sale at £115,000, it's a fantastic little house, had a nose around last night and it is a great house. I have a girlfriend who has her own home which she shares with her mum due to her being long term sick.
Now, my options
1. Put an £11,500 deposit down and buy the house, mortgage would be just under £500 a month. Will £3500 be enough to cover moving fees, first time buyer so no idea what these might be. As its next door to mum, I don't need to move over in one go either so can slowly migrate. As house prices go up, my house will appreciate as well and was then thinking of selling or renting out 18months to 2 years from now when I hopefully move in with girlfriend.
2. Not buy the house, keep on sticking £1300 away each month till girlfriend is well enough for us to live together. Speaking to girlfriend, she doesn't want me to get a house for the both of us now as she's not well enough to take advantage of living with me. Mums not shoving me out the door but I'm 31, 32 in June, so bit annoyed I'm living at home. I think girlfriend would prefer this one but she's happy which way I yo.
Is a £26,000 salary enough to live comfortably with a £500 mortgage?
Thank you for the advice, I've put an offer in for the asking price and it's been accepted, the lady wants a quick sale so with me not having a chain to worry about and knowing me, she thought it'd be easier. House over the road sold this morning as well for 125,000 but does have a converted loft making a third bedroom.
I've spoken to my bank HSBC and got an agreement in principal for a mortgage of 112,000, which I won't need all that, but they can't give me exact prices until Monday when all their new offers are launched.
Sarnie, being a mortgage broker, would you be able to see if there are any better deals on offer please? So far, ive been seeing figures around the £450-£500 mark, which would be roughly rental price as well but will I need permission from the mortgage provider if my circumstances change and decide to rent at a later date?
I've spoken to my bank HSBC and got an agreement in principal for a mortgage of 112,000, which I won't need all that, but they can't give me exact prices until Monday when all their new offers are launched.
Sarnie, being a mortgage broker, would you be able to see if there are any better deals on offer please? So far, ive been seeing figures around the £450-£500 mark, which would be roughly rental price as well but will I need permission from the mortgage provider if my circumstances change and decide to rent at a later date?
Edited by Regiment on Saturday 18th April 20:11
It's more to do with being close to the dogs so I can walk them easily plus it's a great house at a good price.
carreauchompeur said:
That's a brilliant amount to save, fair play.
If the house next door is a good investment and is likely to appreciate/you can add value to it through renovation then go for it.
If it's just somewhere to live I would stay put and keep saving for a year to really hammer down your mortgage rate when you do buy. It'll feel more satisfying to properly fly the nest rather than staying next door. IMHO of course.
I do see it more of an investment, I don't want to be there permanently at all and there isn't anything to do up, all brand new stuff. The lady needed a very quick sale so price was good.If the house next door is a good investment and is likely to appreciate/you can add value to it through renovation then go for it.
If it's just somewhere to live I would stay put and keep saving for a year to really hammer down your mortgage rate when you do buy. It'll feel more satisfying to properly fly the nest rather than staying next door. IMHO of course.
Edited by Regiment on Saturday 18th April 20:20
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