Impatient to buy?

[SpeedMattersNot]

Me and my wife have been renting for 5 years now but we're not getting any younger and so went for a mortgage meeting.

I'm a part-time student and she works full time and we have two children. My part-time job just about covers the childcare costs, so it's pretty much only based on her salary (I assume!) They offered us a 10% deposit mortgage of £198,000.

Now, £220k doesn't buy a lot around here (Bedfordshire/Bucks border) with the house we're renting probably being about £270k.

So, the question: Would you find what you could and get on the property ladder, or wait a year until I can apply for a proper full-time job once I've finished my masters?

Any thoughts welcome, cheers.

[SpeedMattersNot]

AyBee said:

What are you paying in rent right now and what would your mortgage payment be (interest and principal)? My gut instinct says wait a year, house prices don't really seem to be going anywhere right now so I don't think you'll lose much by waiting until you can afford something you actually want. If you buy now, only to want to move somewhere nicer in a year or 2, you'll have wasted the stamp duty and buying fees...

This is what we're swaying toward.

We currently pay £895 (gas inclusive) for a 3 bedroom semi on a private road. For the mortgage we're looking at it'd be about £940.

I wouldn't take a job that started on less than £30k and they'd then offer us substantially more; around the £350k mark. However, the most we could reasonably get a deposit for is £25k...

...but the difference between a 220k property and a 250k property is surprisingly massive!

[SpeedMattersNot]

Simpo Two said:

SpeedMattersNot said:

I wouldn't take a job that started on less than £30k

From part-time student to £30K pa in one go? I should have been in your industry!

Well, I was offered £30k to not quit my previous job as a vehicle technician 5 years ago! So I wouldn't want to take a step backwards, unless it was for a similar company, albeit the opposite end of the business.

Jockman said:

Absolutely no harm in dropping Sarnie a pm on here. The advice is free and solid.

Cheers, I'll look him/her up. Though I feel for now we've kind of made our decision, although my wife has just applied for a new rather palatable job, so who knows.

[SpeedMattersNot]

supercommuter said:

How much is your wife earning? Would not want a £350k property on a £30k base if my wife was on similar. The repayments would give me a squeaky ass.

The £350,000 mortgage was offered on me earning a full time wage.

As said, we're going to wait as it allows us to move if we need to. I'll revisit this in 6-18 months time!